Categories AlphaGraphs, Earnings, Technology

Baidu (BIDU) Q2 earnings rise unexpectedly; stock falls

China-based internet search firm Baidu Inc. (NASDAQ: BIDU) reported financial results for the second quarter of 2020 on Thursday after the market’s close. Earnings exceeded analysts’ expectations, but the company’s stock dropped immediately after the announcement.

Baidu Q2 2020 Earnings Infographic

Adjusted earnings per ADS rose to RMB 14.73 or US$2.08 from RMB 10.11 in the second quarter of 2019. Net income was RMB 3.58 billion or US$507 million, compared to RMB 2.41 billion last year. Analysts had predicted a decline.

Total revenues decreased 1% annually to RMB 26.0 billion or US$3.69 billion from RMB 26.3 billion a year earlier. The top-line came in slightly below the estimates. A marked increase in cloud services, smart devices, and iQIYI membership revenues was partially offset by lower online marketing revenues.

Looking forward to listening to management/analysts’ comments on Q2 results? Stay tuned here for Baidu’s Q2 2020 earnings call transcript 

Baidu’s shares closed Thursday’s regular trading lower and continued to lose during the extended session.

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