Why Baidu Stock Tumbled Today
Flat top-line quarterly growth and operating in a relatively sluggish economy put the hurt on (NASDAQ: BIDU) stock Thursday. The veteran Chinese tech company's American depositary shares (ADSs) declined by more than 4% following its latest quarterly earnings hitting the news feeds. By comparison, the S 500 index fell by a relatively light 0.9% on the day.
For its second quarter, Baidu posted revenue of 33.9 billion yuan ($4.8 billion), a figure marginally lower than the slightly over 34 billion yuan ($4.8 billion) it earned in the same period of 2023. What didn't help was a slide in online marketing revenue, an important business for the company; this fell by 2% to just over 19 billion yuan ($2.7 billion).
Non-GAAP (adjusted) net income saw a steeper drop than those two line items, falling by 8% year over year to a bit under 7.4 billion yuan ($1 billion). Per-ADS, the company's adjusted profitability was 21.02 yuan ($2.95).
Source Fool.com
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