Baidu.com (BIDU) Cuts Q4 Sales Outlook Below the Street
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Baidu.com, Inc. (Nasdaq: BIDU) lowers its Q4 sales guidance from $151-$155 million to $131-$133 million, versus the consensus of $140.31 million.
Baidu noted that several factors contributed to the guidance revision:
- The economic slowdown in China is having a greater than expected impact on online marketing particularly in machinery and franchising;
- Baidu recently removed the paid search listings of customers in the medical and pharmaceutical sectors without licenses on file with Baidu; and
- after a thorough inspection of its customer base, the company removed a number of questionable paid search listings outside of the medical and pharmaceutical sectors. The company noted that a portion of its customers in the medical and pharmaceutical sectors have returned to its paid search listings following the submission of required licenses.
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