BIDU 2Q25 Preview: Ads Continues to be Meaningfully Impacted by the Restructuring of AI Search
What’s New: We nudge down our Baidu Core total rev estimates as ads could continue to be meaningfully impacted by the restructuring of AI search. Cloud could also be impacted by fluctuations in project-based revs. Baidu Core margins could also see further downward pressure due to the decline in ad revs in the near-term.Analysts:
Jin Yoon
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