Baidu's 2nd Quarter Report Beats Expectations; Stock Price Jumps 8% in After-Hours
Zhang Yushuo
DATE:  Aug 20 2019
/ SOURCE:  yicai
Baidu's 2nd Quarter Report Beats Expectations; Stock Price Jumps 8% in After-Hours Baidu's 2nd Quarter Report Beats Expectations; Stock Price Jumps 8% in After-Hours

(Yicai Global) Aug. 20 -- Chinese internet giant Baidu reported CNY26.3 billion (USD3.8 billion) in operating revenue, higher than the CNY25.8 billion projected, per its unaudited second quarter financial report the firm released this morning.

Net profit attributable to it totaled CNY2.4 billion, with a 9 percent growth rate.

This upbeat news pushed Baidu's shares [NASDAQ:BIDU] up 7.8 percent to USD104.22.

The Beijing-based firm posted CNY19.2 billion in online revenue, down about one-tenth on the year , but up 9 percent on the month. The firm reported CNY7.1 billion in other revenue, up 44 percent from the same period last year, thanks to burgeoning membership on its iQiyi video site and robust sales growth in its Baidu Cloud and smart devices. Baidu Core, a combination of search and trading services, achieved CNY19.5 billion in operating revenue.

Baidu spent CNY4.7 billion in research and development, up almost one-fifth, mostly spent on rising personnel costs.

The firm's app had 188 million monthly active users as of June, up over one-quarter, thanks to marketing of the China Central Television Spring Festival Gala on the app this year, and the firm's smart mini programs boasted 270 million MAUs, surging by one-half within the quarter.

The company is building a distribution channel for content and service providers via handsets, smart homes and autos, its Chairman and Chief Executive Robin Li said. 

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Keywords:   Baidu