When Baidu Inc. (NASDAQ: BIDU) reported its most recent quarterly results after the markets closed on Monday, the firm said that it had $1.47 in earnings per share (EPS) and $3.84 billion in revenue. That compared with consensus estimates of $0.94 in EPS and $3.77 billion in revenue.
Baidu App daily active users (DAUs) reached 188 million in June 2019, growing 27% year over year. In the same time, Smart Mini Program monthly active users (MAUs) reached 270 million, up 49%.
Online marketing revenues were $2.80 billion, decreasing 9% year over year and increasing 9% quarter over quarter. Other revenues were $1.03 billion, increasing 44% year over year, driven mainly by robust growth in iQIYI membership services, cloud and smart devices.
Looking ahead to the fiscal third quarter, the company expects to see revenue in the range of $3.84 billion to $4.07 billion. Consensus estimates call for $1.19 in EPS and $3.97 billion in revenue for the quarter.
Robin Li, Baidu co-founder and CEO, commented:
Our focus on strengthening Baidu’s mobile ecosystem through knowledge-based content, BJH accounts, smart mini programs and managed pages on Baidu’s platform is translating into better user experience, stronger traffic growth, and, we believe, ultimately higher conversion for our customers. In June, Baidu App DAUs reached 188 million, up 27% year over year, in-app search queries grew over 20% year over year and smart mini program MAUs reached 270 million, up 49% sequentially.
Shares of Baidu traded up about 8% early Tuesday to $112.90, in a 52-week range of $93.39 to $234.88. The consensus price target is $151.92.
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