Baidu (BIDU) Tops Q1 EPS by 23c, Revenues Beat; Offers 2Q Revenues Outlook

Baidu (NASDAQ: BIDU) reported Q1 EPS of $1.89, $0.23 better than the analyst estimate of $1.66. Revenue for the quarter came in at $4.29 billion versus the consensus estimate of $4.22 billion.

"We are delighted to bring innovation across many sectors, including marketing cloud, enterprise cloud, smart transportation, autonomous driving, smart assistant and AI chip, through our decade-long investment in AI," said Robin Li, co-founder and CEO of Baidu. "With AI powering the next stage of technology growth, many Baidu alumni have rejoined us, and our employees are energized from working on intelligent computing that can improve daily life and make the complex world simpler."

"Baidu Core delivered a strong first quarter with revenue growing 34% year over year, powered by non-advertising revenue growing 70% year over year," said Herman Yu, CFO of Baidu. "We will continue to invest heavily in sales, R&D and operations to support the rapid growth of our AI-powered business."

GUIDANCE:

Baidu sees Q2 2021 revenue of $4.5-5 billion, versus the consensus of $4.67 billion.

For the second quarter of 2021, Baidu expects revenues to be between RMB 29.7 billion ($4.5 billion) and RMB 32.5 billion ($5.0 billion), representing a growth rate of 14% to 25% year over year, which assumes that Baidu Core revenue will grow between 20% and 33% year over year. This guidance does not include potential contribution from an acquisition of YY Live.

The above forecast reflects Baidu's current and preliminary view, which is subject to substantial uncertainties.

For earnings history and earnings-related data on Baidu (BIDU) click here.

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