Executive Summary
- Baidu’s gross merchandise value totaled ¥0 billion (US$2.7 billion) for 2Q16, an increase of 166% year over year. Total revenues rose by 10.2% year over year. Adjusted EBITDA declined by 19.1% year over year, excluding an exchange of Qunar shares with Ctrip.
- The contribution from mobile climbed to 62% from 50% in the year-ago quarter. Operating margin contracted to 15.7% from 20.9% a year ago, due to the impact of new Internet advertising regulations and increasing traffic acquisition costs as a percentage of revenue.
- Management guided for 3Q16 total revenues of ¥0–¥18.6 billion (US$2.7–US$2.8 billion), representing growth of (1.9)%–1.1% year over year.
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