Baidu Q2 Revenue and Profit Miss Estimates, Shares Drop 9.3%

BIDU Baidu Inc ADR

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1. 1Baidu (BIDU) shares fell 9.3% in Tuesday morning trading after its second-quarter revenue and profit fell short of market expectations.
2. 2Revenue came in at 31.3 billion yuan versus an expected 31.96 billion yuan, down 2% from the previous quarter, while non-GAAP net income per ADS was 7.22 yuan (estimate: 9.92 yuan).
3. 3Core business revenue declined 4% year-on-year to 25.2 billion yuan, while AI cloud infrastructure revenue rose 50% to 7.3 billion yuan.

Source The Wall Street Journal +2 · View original ↗

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