BIDU 3Q23 Results: Margins to Remain Stable
What’s new: Baidu’s reported 3Q23 results were above consensus and our expectations. Ads and cloud rev growth in 4Q could fare better than 3Q partly due to easier comps and incremental contribution from generative AI. Margins could remain stable as the incremental contribution from generative AI could partly offset investments related to procurement of chips. We maintain our PT at USD200.
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- Pan European Telecom Services and Cable
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