Maintaining Fair Value Estimate After Baidu’s First-Quarter Operating Margin Beat Our Expectations
Wide-moat Baidu’s first-quarter year-over-year revenue came in at 31% at the high end of guidance and the same as our estimate. Second-quarter year-over-year revenue growth guidance ranges from 26% to 33%. Operating margin in the quarter improved to 20.6% from 20.3% in the fourth quarter and 11.9% in the first quarter, partly due to the reduction in marketing costs in O2O, which is a noncore business. We have also seen 1,311 basis point year-over-year and 341 basis point sequential improvement i...
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