Baidu's Profit Drops But Still Beats Estimates
By Tracy Qu
Chinese search-engine giant Baidu reported a drop in quarterly profit but delivered top and bottom line beats, helped by online marketing revenue and AI cloud sales.
The Beijing-based company said Thursday that net profit fell 6.5% from a year earlier to 5.45 billion yuan ($754.9 million). The result topped the CNY4.11 billion expected by analysts in a FactSet poll.
Adjusted net profit, a widely tracked metric, jumped 22% to CNY7.01 billion, handily beating analysts' expectations for CNY5.64 billion. The profit measure excludes the effects of share-based compensation expenses, fair-value changes in long-term investments, and disposal gains and losses, among other things.
Revenue rose 1.2% on the year to CNY31.51 billion, just above analysts' estimate for CNY31.22 billion.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
May 16, 2024 05:40 ET (09:40 GMT)
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