Thu, Oct. 29, 7:26 PM
- Though it beat Q3 EPS estimates and posted in-line revenue, Baidu (NASDAQ:BIDU) is guiding for Q4 revenue of RMB18.2B-RMB18.75B (+29.5%-33.4% Y/Y and equal to $2.864B-$2.95B), below an RMB18.93B consensus. However, expectations were low amid Chinese macro concerns.
- Metrics: Online ad customers rose 5.6% Q/Q and 20.7% Y/Y to 623K. Revenue per online ad customer rose 3.3% Q/Q and 9.3% Y/Y to $4,453. GMV for transaction services (cover Qunar's travel services, Nuomi's deals, and Baidu Takeout Delivery) rose 119% Y/Y to $9.5B. Baidu Wallet accounts rose 520% to 45M.
- Mobile: Mobile was 54% of revenue, up from 50% in Q3 and Q2. Mobile search traffic was nearly 2/3 of total search traffic. Mobile search MAUs rose 26% Y/Y to 643M; mobile maps MAUs rose 34% to 326M.
- Financials: Lifting EPS: $1B was spent to buy back 6M shares. Traffic acquisition costs rose to 13.1% of revenue from 12.9% in Q2 and 12.7% a year ago. Content costs were 5% of revenue vs. 3.7% in Q2 and 5.1% a year ago. SG&A spend rose 111.2% Y/Y to $897.1M thanks to high "promotional spending" for transaction services. R&D spend rose 46.9% to $423.2M.
- BIDU +7.4% after hours to $181.50, reaching its highest levels since July.
- Q3 results, PR
- Update: Baidu's Q4 revenue guidance doesn't include Qunar's results beyond Oct. 26, thanks to the recent Ctrip deal. The Q4 consensus might not fully account for the change. (hat tip: SA commenter David RG)
Thu, Oct. 29, 6:42 PM
Wed, Oct. 28, 5:35 PM
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Mon, Jul. 27, 4:48 PM
- Though it posted in-line Q2 sales (and beat on EPS), Baidu (NASDAQ:BIDU) is guiding for Q3 revenue of RMB18.17B-RMB18.58B ($2.931B-$2.997B, +34.4%-37.4% Y/Y), below an RMB18.79B consensus.
- Mobile: After rising to 50% of revenue Q1 from 42% in Q4 and 36% in Q3, mobile remained at 50% of revenue in Q2. Mobile search monthly active users (MAUs) +24% Y/Y to 629M; mobile maps MAUs +48% to 304M.
- Metrics: Online ad customers rose 12.6% Q/Q and 20.9% Y/Y to 590K. Revenue per ad customer rose 15.1% Q/Q (seasonality) and 13.2% Y/Y to $4,419. GMV for online-to-offline (O2O) services rose 109% Y/Y to $6.5B.
- Financials: Spending remains aggressive: SG&A spend rose 81% Y/Y to $627.4M, and R&D spend rose 56.2% to $437.5M. Traffic acquisition costs were 12.7% of revenue, down 80 bps Q/Q and flat Y/Y. Bandwidth costs fell to 5.4% of revenue from 5.8% a year ago; content costs (online video-driven) rose to 5.1% from 3%. Baidu ended Q2 with $12.1B in cash, and $657M in debt.
- Baidu has fallen to $186.80 AH.
- Q2 results, PR
- Yesterday: Baidu investing heavily in O2O services to head off mobile app threat
- Update (5:08PM ET): Shares are now down 9% AH.
Mon, Jul. 27, 4:32 PM
Sun, Jul. 26, 5:35 PM
Thu, Apr. 30, 1:27 PM
- Baidu (NASDAQ:BIDU) has made fresh 2015 lows after missing Q1 revenue estimates (while beating on EPS) and providing slightly soft Q2 sales guidance. Shares are still well above a 52-week low of $148.44.
- The decline comes even as many on the sell-side defend Baidu, often while highlighting its strong mobile growth. Pac Crest sees Baidu getting over 60% of its revenue from mobile by year's end, up from Q1's 50% and Q4's 42%. It also thinks Baidu's "spending on online-to-offline [services] is starting to bear fruit, with progress in food delivery, movie ticketing and Baidu Wallet, which saw 26 million connected active users." Credit Suisse is also pleased with the online-to-offline growth, as well as better-than-expected Q1 margins.
- On the CC (transcript), CEO Robin Li stated Baidu's Q1 mobile search monthly active users (MAUs) totaled 600M, up from Q4's 540M, and that mobile maps MAUs reached 270M. He also mentioned Baidu is looking to grow its local/mobile search ad sales by allowing advertisers to bid on ads aimed at users in one of 300 Chinese cities.
Wed, Apr. 29, 5:07 PM
- In addition to missing Q1 revenue estimates (while beating on EPS), Baidu (NASDAQ:BIDU) is guiding for Q2 revenue of RMB16.365B-RMB16.75B (+36.5%-37.5% Y/Y and equal to $2.64B-$2.7B), slightly below an RMB16.65B consensus at the midpoint.
- On the bright side, mobile was 50% of Q1 revenue, up sharply from Q4's 42% and Q3's 36%. CEO Robin Li: "Baidu is redefining the search box by building an ecosystem to connect people with services and drive closed loop transactions ... we plan to fully exploit the huge growth potential ahead -- in mobile marketing, online to offline, and key select verticals such as healthcare, education and financial services..."
- Q1 online ad customers totaled 524K, nearly flat Q/Q and up 17.5% Y/Y. Revenue per online ad customer was $3,839, down 9.8% Q/Q (seasonality played a role) and up 13.9% Y/Y.
- Traffic acquisition cost growth appears to have slowed: TAC was 13.5% of revenue vs. 13.4% in Q4 and 12.4% a year ago. Also lifting EPS: SG&A spend fell 16.1% Q/Q to $477M, presumably due to lower promotional spend for Baidu products/services. On a Y/Y basis, SG&A spend rose 47.2% Y/Y (Q4 growth was 89.2%). R&D spend rose 79.1% Y/Y to $368.8M, up from Q4's 69% clip.
- BIDU -1.5% AH to $215.65.
- Q1 results, PR
Wed, Apr. 29, 4:39 PM
Tue, Apr. 28, 5:35 PM
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Wed, Feb. 11, 5:12 PM
- In addition to missing Q4 revenue estimates (while slightly beating on EPS), Baidu (NASDAQ:BIDU) is guiding for Q1 revenue of RMB12.645B-RMB13.065B ($2.038B-$2.106B), below an RMB13.62B consensus. Guidance reflects "the combined impact of both the late timing of Chinese New Year this year and mobile's growing traffic contribution, which monetizes at a rate lower than that of PC."
- Mobile rose to 42% of revenue in Q4 from 36% in Q3. Online ad customers rose 16% Y/Y but just 1.4% Q/Q to 523K; revenue per online ad customer rose 26.3% Y/Y but just 1.9% Q/Q to $4,255.
- Traffic acquisition costs rose to 13.4% of revenue from 12.9% in Q3 and 12.3% a year ago (mobile, hao123 portal promotions, and contextual ads were responsible). SG&A spend soared 89.2% Y/Y to $568M, and R&D spend 69% to $344.2M.
- BIDU -8.1% AH to $197.26.
- Q4 results, PR
Wed, Feb. 11, 4:36 PM
Tue, Feb. 10, 5:35 PM
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Fri, Jan. 23, 12:15 PM
- Baidu's (BIDU +1.1%) Q4 report will arrive after the close on Wednesday, Feb. 11. CC at 8PM ET.
- Consensus is for revenue of RMB14.14B ($2.27B, +48.5% Y/Y) and EPS of RMB9.89 ($1.59). Shares +3% since the Chinese search giant provided mixed Q3 results, slightly soft guidance, and strong mobile metrics on Oct. 29.
- Deutsche recently offered positive pre-earnings commentary, and Brean did the same a few days later.
Oct. 29, 2014, 5:13 PM
- Baidu's (NASDAQ:BIDU) mobile traffic surpassed its PC traffic in Q3, and generated 36% of revenue. Three months ago, Baidu disclosed mobile was over 30% of Q2 revenue, and that it had 500M+ mobile search active users in June.
- Active online ad customers +5.7% Q/Q and +11.2% Y/Y to 516K. Revenue/customer +7% Q/Q and +35.6% Y/Y to $4,220 (drove much of the top-line growth).
- Traffic acquisition costs rose to 12.9% of revenue from 12.7% in Q2 and 11.7% a year ago. Content costs (video-driven) rose to 3.7% of revenue from 2.5% a year ago, and bandwidth costs fell to 5.6% from 5.8%.
- SG&A spend +95% Y/Y to $439.9M, thanks largely to strong mobile promotional spending. R&D spend +68% to $298.4M.
- Y/Y revenue growth slipped to 52% in Q3 from 58.5% in Q2. Q4 guidance implies 48% growth at the midpoint
- BIDU +0.4% AH. Q3 results, PR.
Oct. 29, 2014, 4:36 PM
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