Baidu -9.6% on Q1 miss, low Q2 revenue outlook

|About: Baidu, Inc. (BIDU)|By:, SA News Editor

Baidu (NASDAQ:BIDU) has slid 9.6% after hours, following a miss on slowing growth and a heavy downside to revenue guidance for the current quarter.

Some light results were widely expected as the company focused on organic user growth, and analysts expect a stronger second half.

Revenues rose 15% to 24.12B yuan; excluding revenues from divested businesses, they rose 21%.

But operating costs rose 53%, and the company swung to an operating loss of 4.6M yuan on a GAAP basis, however, and non-GAAP operating income fell 93% to 401,000 yuan

Net income fell 80% to 967,000 yuan from 4.82M yuan.

Daily active users of the Baidu app rose 28% to 174M. DAUs for Haokan rose 768% from last year and 16% from last quarter, to 22M. And the installed base for the company's voice assistant DuerOS rose 279% Y/Y to 275M, with monthly voice queries rising 817% to 2.37B.

The company authorized a new $1B share repurchase program, effective until July 1, 2020.

And it noted that Hailong Xiang, senior VP of the search business, has resigned. Dou Shen will be senior VP overseeing the mobile business ("previously known as the search business").

It's guiding below consensus, to Q2 revenue of 25.1B-26.6B yuan.

Conference call to come at 9:15 p.m. ET.

Previously: Baidu misses by $0.16, revenue in-line (May. 16 2019)

Press release

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