Baidu Will See Slowdown in Near Term but Is Undervalued for Long-Term Investors
Baidu's revenue guidance of CNY 25.5 billion-26.7 billion for the fourth quarter implies 15%-20% year-over-year growth, lower than our previous forecast of 29%. The implied fourth-quarter guidance for Baidu's core business is only 7%-13% growth on a year-over-year basis, versus 25% in the third quarter. We think macro and regulatory headwinds are the reasons for more conservative-than-expected guidance. We expect weak consumer sentiment and a slowing economy to reduce advertising revenue for Bai...
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