New Street Research - Baidu Inc (9888) ... BIDU 1Q23 Preview: Ad Recovery in Place

Report

New Street Research

Jin Yoon

BIDU 1Q23 Preview: Ad Recovery in Place

What’s New: We trim down 1Q23 and FY23 top line estimates as cloud revs could take time to recover. However, ads continue to rebound post-CNY and into April driven by offline verticals such as healthcare, travel and local services.

Analysts:
Jin Yoon

14/04/2023 1 EN

Underlyings

Baidu Inc

See profile

Baidu Inc Sponsored ADR Class A

See profile

US0567521085 Singapore Exchange Cayman Islands

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Jin Yoon

Other Reports on these Companies

New Street Research

Ride-sharing & Delivery: Lower prices fuel accelerating volumes

Today, we are publishing the Ride-sharing & Delivery section of our 27th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Memory, Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, Foundry, Service Provider and Semicap Equipment. Ride-sharing bookings decelerated slightly but still delivered strong double-digit growth. The slowd...

May 23, 2025 May 23, 2025 1 EN

New Street Research

BIDU 1Q25 Results: Restructuring of AI Search to Put Pressure on Ad Revs in the Next Few Quarters

What’s new: Baidu’s reported 1Q25 results that were above consensus and our expectations driven by AI Cloud. Baidu Core ad rev growth could be impacted by the continued restructuring of AI search. AI Cloud growth could remain resilient in 2Q. We maintain our PT at USD110. Analysts: Jin Yoon

May 22, 2025 May 22, 2025 1 EN

UOB

Baidu Inc (9888 HK): 1Q25: Solid earnings beat; fuelled by AI cloud growth and monetisation visibility.

Baidu’s 1Q25 earnings beat expectations. Revenue grew 3% yoy to Rmb32.5b, 5% better than consensus estimate. Gross margin dropped 5ppt yoy to 46.1%, below consensus expectation. Non-GAAP operating profit was Rmb5.3b, down 20% yoy, while non-GAAP operating profit margin came in at 16%. Non-GAAP net profit declined 8% yoy to Rmb6.5b, better than consensus estimate. Maintain HOLD with a slightly higher target price of HK$91.00 (US$101.00).

May 22, 2025 May 22, 2025 1 EN

SATS, Carr, and the Art of the No Deal…Yet

SATS just filed a new 8-K saying it will make the interest payments on Monday, avoiding a Chapter 11 filing. Our New Street colleagues have published a note today with their perspective. In this note we describe the filing and its implications.

EUR 8533.00

11h / 26m 11h / 26m 1 EN

Blair Levin

Blair Levin

Supreme Court Upholds USF Framework but Reform Still Ahead

Today, the Supreme Court issued its opinion in the case challenging the legality of Universal Service Fund (USF) framework. As we had predicted, the Court upheld the current framework. In this note we analyze the implications of the decision for the USF reform efforts ahead in the Congress and FCC.

EUR 8533.00

11h / 29m 11h / 29m 1 EN

Jonathan Chaplin

Jonathan Chaplin

CMCSA quick hit: Comcast continues to make the right pricing moves

After launching 5-year price guarantee plans in April, Comcast has now announced some tweaks to plans that are discounted for one year, and to rack rates. These announcements are less meaningful than the 5-year plans, though they continue to inch gradually in the right direction. Our quick thoughts in this brief note.

EUR 8533.00

11h / 33m 11h / 33m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

BIDU 1Q23 Preview: Ad Recovery in Place

Ride-sharing & Delivery: Lower prices fuel accelerating volumes

BIDU 1Q25 Results: Restructuring of AI Search to Put Pressure on Ad Revs in the Next Few Quarters

Baidu Inc (9888 HK): 1Q25: Solid earnings beat; fuelled by AI cloud growth and monetisation visibility.

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe