BIDU 3Q25 Results: BIDU Core Ads YoY Decline Could Further Narrow in 4Q
What’s new: Baidu’s reported 3Q25 core revs that were largely in line with consensus and our expectations. Baidu Core ad rev YoY decline could further narrow in 4Q partly driven by continued monetization of AI-native ad products. Margins could also fare better in 4Q compared to 3Q as BIDU would remain disciplined in AI spending. We maintain our PT at USD140.Analysts:
Jin Yoon
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