Baidu.com (BIDU) adjusts Q1 non-GAAP EPS to $2.08 from $2.60 due to Clerical Error

Baidu.com (NASDAQ: BIDU) adjusts Q1 non-GAAP EPS to $2.08 from $2.60. The analyst estimate was $1.64.

From the Filing:

On April 26, 2018, the Company announced its unaudited financial results for the first quarter ended March 31, 2018. In the original announcement, a clerical error was made in calculating the newly added non-GAAP adjustment of the fair value change of long-term investments, net of taxes, due to the fact that the portion attributable to noncontrolling interests were not properly adjusted. Exhibit 99.1 attached hereto corrects this clerical error. As a result, non-GAAP net income attributable to Baidu is changed to RMB4,585 million ($731 million) and non-GAAP diluted earnings per ADS is changed to RMB13.03 ($2.08). There are no changes to any GAAP information and other non-GAAP measures in the original announcement.

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