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Baidu Reported Better-Than-Expected Results for Q3 Amid Economic Slowdown

November 7, 2019 1:26 pm

BEIJING (PingWest) — Chinese tech giant Baidu today announced its unaudited financial results for the third quarter ended September 30.

Baidu’s revenues were RMB 28.1 billion ($4 billion), down slightly yoy but exceeded the RMB 27.5 billion average of analysts’ projections. Baidu shares surged about 5% in extended trading.

Net loss attributable to Baidu for Q3 2019 was RMB 6.4 billion, which included a non-cash impairment loss of RMB 8.9 billion on equity investments that have experienced an other-than-temporary decline in valuation (see further discussion under Total other loss section). Non-GAAP net income attributable to Baidu, excluding share-based compensation, fair value changes of equity investments and other adjustments, for Q3 2019 was RMB 4.4 billion.

Baidu reported its ESG progress for Q3 2019, noting: 1) Baidu AI has helped reunite approximately 7,900 missing persons with their families; 2) over 300 charitable organizations in China have joined Baidu's Charity Platform, and 3) Baidu will push charitable information and services to individuals in need by leveraging its machine learning capabilities and user insights

Baidu has returned $397 million to its shareholders under the 2019 Share Repurchase Program and $778 million under the 2018 Share Repurchase Program, which expired in June 2019, for a total return to shareholders of approximately $1.2 billion as of October 31, 2019.