Baidu.com (NASDAQ: BIDU) reported Q1 EPS of $1.25, $0.68 better than the analyst estimate of $0.57. Revenue for the quarter came in at $3.18 billion versus the consensus estimate of $3.1 billion.

"Despite shelter-in-place in the first quarter, Baidu\'s total revenues declined just 7% year-over-year, resulting from our diversified revenue streams, including marketing services for wide-ranging industries, new AI businesses and iQIYI. With the pandemic coming under control in China, offline activities are rebounding and Baidu stands to benefit from a restart of the Chinese economy." said Robin Li, Co-founder and CEO of Baidu. "In March, a month after the peak of COVID-19 new cases, Baidu's traffic remained robust with Baidu App DAUs reaching 222 million, up 28% year over year, in-app search queries up 45% and feed time spent up 51%. Our strategy to strengthen Baidu's mobile ecosystem and promote in-app search has resulted in users increasingly come to Baidu for critical and reliable information."

"Given COVID-19 headwinds, Baidu focused on quality revenue growth and continued to be disciplined with spending ROI, to maximize long-term shareholder value. In the first quarter, despite Baidu Core revenue declining 13% year over year to US$2.2 billion, Baidu Core adjusted EBITDA increased 38% to reach US$0.7 billion, and adjusted EBITDA margin reached 30%, increasing 11 points from last year," said Herman Yu, CFO of Baidu.

GUIDANCE:

Baidu.com sees Q2 2020 revenue of $3.5-3.9 billion, versus the consensus of $3.62 billion.

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