Baidu Posts Its First Loss Since Its IPO -- and Things Could Get Worse [The Motley Fool]
Baidu, Inc. - American Depositary Shares, each representing 8 ordinary share (BIDU)
Last baidu, inc. - american depositary shares, each representing 8 ordinary share earnings: 2/27 04:30 pm
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Source: The Motley Fool
Baidu Posts Its First Loss Since Its IPO -- and Things Could Get Worse The Chinese search giant’s core business is struggling as it ramps up spending on other projects. Baidu 's ( NASDAQ:BIDU ) stock is tumbling to a multiyear low after the Chinese tech giant posted its first-quarter earnings late on Thursday. On the plus side, revenue rose 15% year-over-year to 24.1 billion RMB ($3.6 billion), matching expectations. Excluding the impact of its announced divestments, its revenue grew 21%. However, Baidu saw red ink for the first time since its 2005 IPO, with a net loss of 327 million renminbi ($49 million), versus a profit of 6.7 billion RMB a year earlier. Its adjusted earnings -- which exclude divestments, acquisitions, and other charges -- plunged 80% to 967 million RMB ($144 million), or $0.41 per American Depository Share (ADS), missing estimates by $0.16. For the second quarter, Baidu expects its revenue to stay roughly flat year over year on a reported basis, and rise just 1%-
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News
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BIDU
Earnings
- 2/28/24 - Beat
BIDU
Sec Filings
- 4/12/24 - Form 6-K
- 4/2/24 - Form 144
- 3/18/24 - Form 6-K
- BIDU's page on the SEC website