Baidu reported lower-than-expected revenue for the third quarter and its guidance missed expectations as China’s dominant search engine continued to implement stricter standards for its online marketers, The Wall Street Journal reports. The company’s American depositary receipts fell 1.5% to $172.50 in recent after-hours trading Thursday. For the three months ended in September, Baidu – sometimes called China’s Google – said revenue decreased 0.7% to 18.25 billion Chinese yuan ($2.74 billion), below expectations of analysts polled by Thomson Reuters for 18.32 billion yuan. Over all, Baidu reported a profit of 3.1 billion yuan ($465.2 million), or 8.51 yuan ($1.28) per ADR, up from 2.84 billion yuan, or 7.92 yuan per ADR, a year earlier. Excluding stock-based compensation and other items, adjusted per-ADR earnings rose to 9.92 yuan ($1.49) from 9.28 yuan.
You must log in to post a comment.