Baidu Earnings Overview
Prior to the US open, Baidu (BIDU US, 9888 HK) reported first-quarter financial results that beat analyst expectations. Baidu is a good canary in the coal mine as its search business is driven by advertising, which is coming back following the repeal of the zero COVID policy.
- Revenue +10% to RMB 31.144 billion ($4.535 billion) from RMB 28.411 billion versus analyst expectations of RMB 30 billion
- Adjusted Net Income +48% to RMB 5.727 billion ($834 million) from RMB 3.879 billion versus analyst expectations of RMB 4.34 billion
- Adjusted EPS +43% to RMB 16.10 ($2.34) from RMB 11.22 versus analyst expectations of RMB 12.92
Key News
Asian equities were mixed overnight as Taiwan and the Philippines outperformed.
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