Mon, Jun. 13, 5:46 PM
- Baidu (NASDAQ:BIDU) now expects Q2 revenue of RMB18.1B-RMB18.2B ($2.807B-$2.823B), below prior guidance of RMB20.11B-RMB20.58B and an RMB20.1B consensus.
- The Chinese search giant blames: 1) Ongoing regulatory probes of its online ad practices for "medical, pharmaceutical, healthcare and other similar businesses," and stricter ad regulations for medical organizations. 2) Fewer sponsored links on Baidu's online ad platform.
- Baidu adds regulatory probes are "being rolled out with varied timing with different levels of implementation and interpretation across geographies," and that medical advertisers are delaying their spending as the probes continue. "These customers may be in the process of receiving instruction from regulatory authorities, gathering and submitting required documentation and adjusting their practices to comply with new regulations."
- BIDU -7.4% after hours to $151.39.
Mon, Jun. 6, 10:07 AM
- Search giant Baidu (BIDU +1%), messaging/gaming giant Tencent (OTCPK:TCEHY), and #2 Chinese e-commerce firm JD.com (JD +1.8%) are each investing $50M in leading Chinese online auto platform Bitauto (BITA +12%). Bitauto is also selling $150M worth of convertible bonds to investment firm PAG.
- Baidu, Tencent, and JD are each buying 2.47M Bitauto shares at $20.23 apiece ($0.23 below Friday's close). The deal follows JD and Tencent's $1.55B 2015 investment in the company, and respectively leaves JD, Tencent, and Baidu holding 23.5%, 7.1%, and 3.2% stakes.
- The bonds are due five years from issuance, and carry a 2% interest rate and $23.67/share conversion price. Owners of the convertible debt will hold an 8.2% stake. Bitauto chairman/CEO William Li will be buying a portion of the debt through PAG, by means of a total return swap agreement.
- Bitauto is up sharply. Rival Autohome (ATHM +3.2%) is posting moderate gains. Li: "Through our new partnership with Baidu, we expect to leverage its leadership in mobile and desktop online search, big data and transaction services platforms for additional strategic advantages as we continue to create the industry leading new and used car purchasing experience for customers in China."
Mon, May 9, 9:14 AM
Mon, May 9, 8:11 AM
- Baidu (NASDAQ:BIDU) is down sharply in early trading after regulators in China placed certain limits on healthcare advertising.
- The company is at the center of a controversy in China over the death of a student who died after attempting a cancer treatment discovered through the Baidu search engine.
- Baidu is expected to take a hit to revenue due to the new restrictions on paid search advertisements.
- BIDU -5.72% premarket to $163.99.
Mon, May 2, 8:32 AM
- Baidu (NASDAQ:BIDU) is under pressure in early trading after reports indicate that regulators in China, including the Cyberspace Administration of China, will investigate the company.
- The probe is reportedly centered on the plight of a student that used the Baidu search engine to research a cancer treatment.
- BIDU -3.76% premarket to $187.00.
Thu, Apr. 28, 4:38 PM
Fri, Feb. 26, 9:17 AM
- Gainers: RRM +49%. SUNE +31%. AMTG +31%. SGMS +27%. STMP +26%. GOL +19%. SPLK +17%. JCP +16%. HLF +13%. BIDU +11%. SYN +10%. GLBL +8%. WLL +9%. FCX +7%. CHK +7%. PANW +8%. NRF +6%. TCK +6%. MRO +6%. KHC +6%. GRPN 5%. HLT 5%.
- Losers: RJET -83%. PPHM -60%. CARA -36%. WTW -28%. SWN -14%. GG -11%. FOLD -9%. RBS -8%. MNKD -6%. ARI -5%.
Thu, Feb. 25, 7:04 PM
- Baidu (NASDAQ:BIDU) is up 11.6% after hours to $176.51 after handily beating Q4 estimates and issuing light Q1 guidance. The company has guided conservatively at times before, and near-term expectations have been subdued due to Chinese macro concerns.
- Boosting Q4 sales: Revenue per online ad customer rose 9.5% Q/Q and 17.4% Y/Y to $4,786; Y/Y growth improved from Q3's 9.3%. Online ad customers totaled 555K, down 10.9% Q/Q (partly due to seasonality) and up 6.1% Y/Y.
- Mobile search MAUs rose 21% Y/Y to 657M; mobile maps MAUs rose 43% to 302M. GMV for Baidu's O2O offerings rose 397% to $2.3B. Baidu Wallet accounts rose 189% to 53M.
- Lower spending growth boosted EPS: SG&A spend rose 28.5% to $699M, after growing 111.2% in Q3 (thanks partly to promotional spending). R&D spend rose 16.4% to $383.9M, after growing 46.9% in Q3. Traffic acquisition costs grew to 14% of revenue vs. 13.4% a year ago, operational costs to 6.3% from 4.4%, and content costs (online video-driven) to 7.4% from 4.2%.
- Baidu's Q4 results, earnings release
Thu, Feb. 25, 5:45 PM
Mon, Feb. 22, 2:45 PM
- Credit Suisse expects good things for Q4 from Baidu (BIDU +2.3%) -- set to report on Thursday -- but is cutting its search outlook for the coming year after channel checks.
- Analyst Dick Wei cut expected core search growth for 2016 to 21%, from 25%, with worries about a continued macro slowdown that could weigh on ad spending. He has an Outperform rating on the stock, but cut his price target from $248 to $235 -- still nearly 40% upside from current ADR prices of $168.20.
- Long term, Wei is positive on the company's search ad opportunities as well as new revenues from such avenues as app downloads.
Fri, Feb. 12, 9:13 AM
- Baidu (NASDAQ:BIDU) has received a non-binding offer from CEO Robin Li and Qiyi.com CEO Yu Gong to acquire Qiyi for an enterprise value of $2.8B on a cash-free and debt-free basis. Baidu, which owns 80.5% of Qiyi, has formed a special committee to review the offer.
- The proposal envisions Qiyi, a top player in the Chinese online video market along with Youku Tudou and Tencent, remaining "a strategic partner" to Baidu following a sale. Last year, Alibaba struck a deal to buy Youku Toudu that valued the latter at $3.7B net of cash.
- BIDU +4.1% premarket to $146.95. Nasdaq futures are up 1%. Baidu's Q4 report arrives on the afternoon of Feb. 25.
Fri, Jan. 22, 7:57 AM
- Nomura has upgraded #2 Chinese e-commerce firm JD.com (NASDAQ:JD) to Buy, and hiked its target by $8 to $35. Online travel leader Ctrip (NASDAQ:CTRP) has been started with a Buy rating and $50 target. Search giant Baidu (NASDAQ:BIDU) has been downgraded to Neutral.
- Regarding Ctrip, Nomura's Jialong Shi calls the company the best proxy for China's booming online travel agency market over the next decade, and deems it well-positioned to take advantage of industry growth thanks to its dominant market share and track record of execution.
- JD +3.8% premarket to $27.70. CTRP +2.4% to $43.95. Both companies have seen their share of pain as global equity markets tumbled this month (with Chinese markets among the hardest-hit).
- Baidu is brushing off the Nomura downgrade: Shares are up 1.1%. Nasdaq futures are up 1.9%.
Thu, Jan. 7, 2:00 PM
- Hammered three days ago as U.S. and Chinese markets tumbled, the story is much the same today for U.S.-traded Chinese tech firms. The Nasdaq is down 2.7%, and the Shanghai and Shenzhen exchanges respectively fell 7% and 8.3% overnight amid an ongoing selloff in the yuan, which now trades at 6.59 per dollar.
- The Guggenheim China Tech ETF (CQQQ -4.7%) is now down 8% in 2016. It's still 30% above an August low of $25.36.
- Internet giants Baidu (BIDU -7.1%) and Alibaba (BABA -6.5%) are among the names seeing steep losses. Others include Sina (SINA -6%), Weibo (WB -8.5%), Qunar (QUNR -12.4%), JD.com (JD -6.4%), ChinaCache (CCIH -9.6%), Jumei (JMEI -8.7%), Zhaopin (ZPIN -5.7%), Baozun (BZUN -7.4%), NQ Mobile (NQ -5.8%), and Momo (MOMO -6.1%). Over in Hong Kong, messaging/gaming leader Tencent (OTCPK:TCEHY) fell 4%.
- ETFs: QQQC, KWEB, EMQQ
Mon, Jan. 4, 5:39 PM
Oct. 29, 2015, 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)
Oct. 29, 2015, 6:42 PM
- Baidu (NASDAQ:BIDU): Q3 EPS of RMB9.07 beats by RMB1.90.
- Revenue of RMB18.38B (+35.9% Y/Y) in-line.
- Shares +5% AH.
Baidu, Inc. engages in the provision of internet search solutions and online marketing solutions. The company also operates an e-commerce platform with an online payment tool, develops and markets web application software, and provides human resource related services. Its products include search... More
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