Baidu's Near-Term Growth Slows Due to Weak Macro and Ad Businesses
Year-over-year net revenue growth at wide-moat Baidu in the fourth quarter was 22%, beating our expectations of 15% and the top end of guidance of 20%. It was helped by iQiyi’s 55% year-over-year revenue growth, higher than the top end of its guidance of 49%. Revenue from Baidu Core increased 14% year over year, close to the implied top end of guidance of 15%. We see weaker advertising demand as Baidu Core revenue in the quarter was down sequentially by 5% and iQiyi revenue was up only by 2% seq...
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