Baidu Likely to Report Soft Advertising Revenue in 2Q -- Market Talk

Dow Jones07-25

0304 GMT - Baidu is likely to report soft advertising revenue in 2Q, dragged by macro uncertainty and the AI transition by its search engine business, according to CCB International analyst Cathy Chan in a research note. The rollout of the generative AI search function has already improved user engagement and retention, however, Baidu has yet to monetize this generative AI feature, the analyst notes. The analyst believes pressure on the ads business will persist in 3Q before improving in 4Q and lowers 2024-2026 revenue forecasts by 1%-3% and earnings forecasts for the same period by 1%-2%. CCB keeps an outperform rating and lowers the target price for its ADRs to $132.50 from $143.80. The ADRs last traded at $88.75, while its Hong Kong-listed shares are 2.0% lower at HK$86.00. (tracy.qu@wsj.com)

(END) Dow Jones Newswires

July 24, 2024 23:04 ET (03:04 GMT)

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