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Baidu (BIDU) 3Q17 Results: Revenues Grow on Higher Spending Per Customer, Earnings Rise on Disposal of Baidu Deliveries

Executive Summary

  • Baidu reported 3Q17 revenues reached ¥23.5 billion, up 28.7% year over year and in line with the consensus estimate. Non-GAAP diluted earnings per ADS of ¥25.94, up 161.5% year over year, to beat the consensus of ¥13.48..
  • The significant rise in earnings was primarily driven by the disposal of Baidu Deliveries, as well as revenue growth and improvement in the operating margin.
  • Management expects the topline for 3Q17 to be in the range of ¥22.23–¥23.41 billion, representing a year-over-year increase of 22%–29%.

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