BIDU: Traffic Was Up In 1Q20 During The Outbreak; Tight Control Of Cost And Expense Are Positive For Earnings; Ad Environment Is Still Challenging
BIDU will report 1Q20 results on May 18th after the markets close followed by a 9:15pm EST conference call. Based on our data and calculations, we believe BIDU’s 1Q20 net revenue is likely to be better than consensus at RMB 21.91B and within its guidance range of RMB 21.0B – RMB 22.9B. In 1Q20, mobile Baidu traffic jumped up as there were more inquiries for information related to COVID-19; however, it was hard to convert the traffic into monetizable clicks. While the company continues to promote its Baidu Mobile Search APP, Haokan and Quanmin (short video APP), it also has been focusing on cost and spending control since 2Q19.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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