NEW YORK, Sept. 08, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Baidu, Inc. (“Baidu” or the “Company”) (NASDAQ: BIDU). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Baidu and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On November 26, 2025, Reuters reported that an October 7th letter from Deputy Defense Secretary Stephen Feinberg informed lawmakers that the Pentagon had determined Baidu to be one of three companies to be newly added to a list of companies that aid the Chinese military.
On this news, Baidu’s American Depositary Share (“ADS”) price fell $1.54, or 1.3%, to close at $116.34 on November 26, 2025.
Then, on February 26, 2026, the Company reported fourth quarter and full year 2025 financial results, including total revenues of RMB129.1 billion ($18.46 billion), representing a 3% year-over-year decline, which the Company attributed primarily “to a decrease in Legacy Business, partially offset by an increase in Baidu Core AI-powered Business.”
On this news, Baidu’s ADS price fell $7.50, or 5.65%, to close at $125.15 on February 26, 2026.
Then, on August 18, 2026, the Company reported second quarter 2026 financial results, including revenue RMB 31.3B ($4.62 billion), representing a 4% year-over-year. Baidu’s management advised that the Company was “deliberately holding back on monetizing the AI search” which has “weighed on our advertising businesses in the near term.” The Company further stated that “[t]he competition in this industry remains very intense” and that “competition for users’ time and attention has intensified further.”
On this news, Baidu’s ADS price fell $13.25, or 12.73%, to close at $90.87 on August 18, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
, /PRNewswire/ -- Baidu, Inc. ("Baidu" or the "Company") (Nasdaq: BIDU; HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), a leading AI company with strong Internet foundation, today announced that the Company's Class A ordinary shares traded on The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") have been included in the Shenzhen-Hong Kong Stock Connect program, effective today, September 7, 2026 (Beijing time). The previously announced inclusion of the Company's Class A ordinary shares in the Shanghai-Hong Kong Stock Connect program also became effective today. Eligible investors in the Chinese Mainland now have direct access to the trading of Baidu's Class A ordinary shares through both programs.
The inclusion of Baidu's Class A ordinary shares in the Shenzhen-Hong Kong Stock Connect program is pursuant to the Announcement on Adjustment of the List of the Eligible Stocks in Hong Kong Stock Connect under the Shenzhen-Hong Kong Stock Connect issued by the Shenzhen Stock Exchange on September 7, 2026.
Taken together, the inclusion in the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect marks an important step toward expanding the Company's reach among Chinese Mainland investors and is expected to further diversify its investor base and enhance the liquidity of its shares.
Baidu appreciates the continued support of its shareholders and investors and remains committed to driving sustainable growth and creating long-term value for shareholders.
About the Shenzhen-Hong Kong Stock Connect
The Shenzhen-Hong Kong Stock Connect is a mutual stock market access mechanism between the Chinese Mainland and Hong Kong under which the Shenzhen Stock Exchange and the Hong Kong Stock Exchange have established technical connectivity to enable investors in the Chinese Mainland and Hong Kong to trade eligible shares listed on the other's market through their local securities companies or brokers.
About the Shanghai-Hong Kong Stock Connect
The Shanghai-Hong Kong Stock Connect established a two-way trading link between the Shanghai Stock Exchange and the Hong Kong Stock Exchange. The stock connect allows qualified Chinese Mainland investors to access eligible Hong Kong shares (Southbound) as well as Hong Kong and overseas investors to trade eligible A-shares (Northbound), subject to a certain amount of daily quota.
About Baidu
Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, Baidu's and other parties' strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.
, /PRNewswire/ -- Baidu, Inc. ("Baidu" or the "Company") (Nasdaq: BIDU; HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), a leading AI company with strong Internet foundation, today announced that the Company's Class A ordinary shares traded on The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") will be included in the Shanghai-Hong Kong Stock Connect program, effective September 7, 2026.
The inclusion is pursuant to the Notice of the Adjustment of the Eligible Stocks in Hong Kong Stock Connect under the Shanghai-Hong Kong Stock Connect issued by the Shanghai Stock Exchange on September 4, 2026.
Following the inclusion, eligible investors in the Chinese Mainland will have direct access to the trading of Baidu's Class A ordinary shares through the Shanghai-Hong Kong Stock Connect. The inclusion marks an important step toward expanding the Company's reach among Chinese Mainland investors and is expected to further diversify its investor base and enhance the liquidity of its shares.
Baidu appreciates the continued support of its shareholders and investors and remains committed to driving sustainable growth and creating long-term value for shareholders.
About the Shanghai-Hong Kong Stock Connect
The Shanghai-Hong Kong Stock Connect established a two-way trading link between the Shanghai Stock Exchange and the Hong Kong Stock Exchange. The stock connect allows qualified Chinese Mainland investors to access eligible Hong Kong shares (Southbound) as well as Hong Kong and overseas investors to trade eligible A-shares (Northbound), subject to a certain amount of daily quota.
About Baidu
Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, Baidu's and other parties' strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Baidu, Inc. ("Baidu" or the "Company") (NASDAQ: BIDU). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Baidu and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On November 26, 2025, Reuters reported that an October 7th letter from Deputy Defense Secretary Stephen Feinberg informed lawmakers that the Pentagon had determined Baidu to be one of three companies to be newly added to a list of companies that aid the Chinese military.
On this news, Baidu's American Depositary Share ("ADS") price fell $1.54, or 1.3%, to close at $116.34 on November 26, 2025.
Then, on February 26, 2026, the Company reported fourth quarter and full year 2025 financial results, including total revenues of RMB129.1 billion ($18.46 billion), representing a 3% year-over-year decline, which the Company attributed primarily "to a decrease in Legacy Business, partially offset by an increase in Baidu Core AI-powered Business."
On this news, Baidu's ADS price fell $7.50, or 5.65%, to close at $125.15 on February 26, 2026.
Then, on August 18, 2026, the Company reported second quarter 2026 financial results, including revenue RMB 31.3B ($4.62 billion), representing a 4% year-over-year. Baidu's management advised that the Company was "deliberately holding back on monetizing the AI search" which has "weighed on our advertising businesses in the near term." The Company further stated that "[t]he competition in this industry remains very intense" and that "competition for users' time and attention has intensified further."
On this news, Baidu's ADS price fell $13.25, or 12.73%, to close at $90.87 on August 18, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
NEW YORK, Sept. 01, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Baidu, Inc. (“Baidu” or the “Company”) (NASDAQ: BIDU). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Baidu and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On November 26, 2025, Reuters reported that an October 7th letter from Deputy Defense Secretary Stephen Feinberg informed lawmakers that the Pentagon had determined Baidu to be one of three companies to be newly added to a list of companies that aid the Chinese military.
On this news, Baidu’s American Depositary Share (“ADS”) price fell $1.54, or 1.3%, to close at $116.34 on November 26, 2025.
Then, on February 26, 2026, the Company reported fourth quarter and full year 2025 financial results, including total revenues of RMB129.1 billion ($18.46 billion), representing a 3% year-over-year decline, which the Company attributed primarily “to a decrease in Legacy Business, partially offset by an increase in Baidu Core AI-powered Business.”
On this news, Baidu’s ADS price fell $7.50, or 5.65%, to close at $125.15 on February 26, 2026.
Then, on August 18, 2026, the Company reported second quarter 2026 financial results, including revenue RMB 31.3B ($4.62 billion), representing a 4% year-over-year. Baidu’s management advised that the Company was “deliberately holding back on monetizing the AI search” which has “weighed on our advertising businesses in the near term.” The Company further stated that “[t]he competition in this industry remains very intense” and that “competition for users’ time and attention has intensified further.”
On this news, Baidu’s ADS price fell $13.25, or 12.73%, to close at $90.87 on August 18, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
, /PRNewswire/ -- Baidu, Inc. ("Baidu" or the "Company") (Nasdaq: BIDU; HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), a leading AI company with strong Internet foundation, today announced that the Company's voluntary conversion of its secondary listing status to dual-primary listing on the Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") became effective today. Baidu is now a dual-primary listed company on the Hong Kong Stock Exchange in Hong Kong SAR and the Nasdaq Global Select Market in the United States.
The Company's ordinary shares listed on the Hong Kong Stock Exchange and the Company's American depositary shares listed on the Nasdaq Global Select Market will continue to be fungible.
About Baidu
Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, Baidu's and other parties' strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.
NEW YORK, Aug. 25, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Baidu, Inc. (“Baidu” or the “Company”) (NASDAQ: BIDU). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Baidu and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On November 26, 2025, Reuters reported that an October 7th letter from Deputy Defense Secretary Stephen Feinberg informed lawmakers that the Pentagon had determined Baidu to be one of three companies to be newly added to a list of companies that aid the Chinese military.
On this news, Baidu’s American Depositary Share (“ADS”) price fell $1.54, or 1.3%, to close at $116.34 on November 26, 2025.
Then, on February 26, 2026, the Company reported fourth quarter and full year 2025 financial results, including total revenues of RMB129.1 billion ($18.46 billion), representing a 3% year-over-year decline, which the Company attributed primarily “to a decrease in Legacy Business, partially offset by an increase in Baidu Core AI-powered Business.”
On this news, Baidu’s ADS price fell $7.50, or 5.65%, to close at $125.15 on February 26, 2026.
Then, on August 18, 2026, the Company reported second quarter 2026 financial results, including revenue RMB 31.3B ($4.62 billion), representing a 4% year-over-year. Baidu’s management advised that the Company was “deliberately holding back on monetizing the AI search” which has “weighed on our advertising businesses in the near term.” The Company further stated that “[t]he competition in this industry remains very intense” and that “competition for users’ time and attention has intensified further.”
On this news, Baidu’s ADS price fell $13.25, or 12.73%, to close at $90.87 on August 18, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
, /PRNewswire/ -- Baidu, Inc. (Nasdaq: BIDU; HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)) ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced that its extraordinary general meeting of shareholders (the "EGM") was held in Beijing today and all the proposed resolutions set out in the notice of the EGM dated July 27, 2026 were duly passed at the EGM.
All necessary shareholder approvals for the Company's voluntary conversion of its secondary listing status to primary listing (the "Primary Conversion") on the Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") have been obtained at the EGM. From the date of this press release until the effective date of the Primary Conversion, the Company will continue to make the necessary arrangements to comply with all applicable laws, regulations and stock exchange rules as a dual-primary listed issuer on the Hong Kong Stock Exchange and the Nasdaq Global Select Market upon the effectiveness of the Primary Conversion.
About Baidu
Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, Baidu's and other parties' strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.
Baidu is transforming into an AI-driven company, with AI now contributing over 50% of revenue since Q1 2026. I maintain a HOLD rating on BIDU, as the legacy search business faces AI disruption and the AI infrastructure segment faces intense competition. My DCF valuation yields a fair value range of $90.25–$102.7, implying current pricing is fully valued with limited upside.
BEIJING, Aug. 26, 2026 /PRNewswire/ -- Baidu, Inc. ("Baidu" or the "Company") (Nasdaq: BIDU; HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), a leading AI company with strong Internet foundation, today announced that the Company's voluntary conversion of its secondary listing status to primary listing on the Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") will become effective on September 1, 2026 (the "Effective Date"). Upon the Effective Date, Baidu will become a dual-primary listed company on the Hong Kong Stock Exchange in Hong Kong SAR and the Nasdaq Global Select Market in the United States.
When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?
Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Baidu Inc. (BIDU - Free Report) .
Baidu Inc. currently has an average brokerage recommendation (ABR) of 1.65, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 21 brokerage firms. An ABR of 1.65 approximates between Strong Buy and Buy.
Of the 21 recommendations that derive the current ABR, 15 are Strong Buy and one is Buy. Strong Buy and Buy respectively account for 71.4% and 4.8% of all recommendations.
Brokerage Recommendation Trends for BIDU
Check price target & stock forecast for Baidu Inc. here>>>
While the ABR calls for buying Baidu Inc., it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.
Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.
This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.
With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near-term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.
ABR Should Not Be Confused With Zacks RankAlthough both Zacks Rank and ABR are displayed in a range of 1--5, they are different measures altogether.
The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.
In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.
In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.
Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.
Should You Invest in BIDU?In terms of earnings estimate revisions for Baidu Inc., the Zacks Consensus Estimate for the current year has declined 19.3% over the past month to $5.66.
Analysts' growing pessimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates lower, could be a legitimate reason for the stock to plunge in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #5 (Strong Sell) for Baidu Inc. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Therefore, it could be wise to take the Buy-equivalent ABR for Baidu Inc with a grain of salt.
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Baidu, Inc. ("Baidu" or the "Company") (NASDAQ: BIDU). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Baidu and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On November 26, 2025, Reuters reported that an October 7th letter from Deputy Defense Secretary Stephen Feinberg informed lawmakers that the Pentagon had determined Baidu to be one of three companies to be newly added to a list of companies that aid the Chinese military.
On this news, Baidu's American Depositary Share ("ADS") price fell $1.54, or 1.3%, to close at $116.34 on November 26, 2025.
Then, on February 26, 2026, the Company reported fourth quarter and full year 2025 financial results, including total revenues of RMB129.1 billion ($18.46 billion), representing a 3% year-over-year decline, which the Company attributed primarily "to a decrease in Legacy Business, partially offset by an increase in Baidu Core AI-powered Business."
On this news, Baidu's ADS price fell $7.50, or 5.65%, to close at $125.15 on February 26, 2026.
Then, on August 18, 2026, the Company reported second quarter 2026 financial results, including revenue RMB 31.3B ($4.62 billion), representing a 4% year-over-year. Baidu's management advised that the Company was "deliberately holding back on monetizing the AI search" which has "weighed on our advertising businesses in the near term." The Company further stated that "[t]he competition in this industry remains very intense" and that "competition for users' time and attention has intensified further."
On this news, Baidu's ADS price fell $13.25, or 12.73%, to close at $90.87 on August 18, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Key Takeaways Uber now offers fully driverless Apollo Go robotaxis to riders in select areas of Dubai. The Dubai rollout begins a multi-year partnership targeting thousands of Apollo Go vehicles worldwide. Uber's partnership-led robotaxi strategy avoids massive R&D costs of developing autonomous systems in-house. Uber Technologies (UBER - Free Report) announced that Chinese company Baidu’s (BIDU - Free Report) fully autonomous Apollo Go vehicles are available to riders through the former’s platform in Dubai, with New Horizon Luxury Transport operating the fleet. The rollout strengthens Uber’s position in the autonomous-vehicle market and represents an important step in the global expansion of driverless transportation. Dubai is the first launch location under the companies’ multi-year strategic partnership, which aims to deploy thousands of Apollo Go vehicles across Uber’s worldwide network.
Dubai riders booking an UberX or Uber Comfort trip may now be matched with a fully driverless Apollo Go vehicle. Customers can also choose the “Autonomous” option in the Uber app to improve their chances of securing a robotaxi. Initially, the service will operate in select areas of Umm Suqeim and Jumeirah, with coverage expected to expand over time.
Uber’s global head of autonomous, Sarfraz Maredia, described the Dubai launch as a significant step in its efforts to expand autonomous mobility worldwide. Baidu’s vice president Nan Yang said the rollout represents an important milestone in its partnership, with Dubai serving as the starting point for the broader expansion. Dubai is also the first international market where Baidu has introduced both self-operated and partner-operated autonomous ride-hailing services.
The service uses Apollo Go’s sixth-generation RT6, a purpose-built, fully electric robotaxi developed for completely driverless operations. Each vehicle can accommodate up to three passengers and is equipped with more than 30 sensors that monitor its surroundings and process data onboard in real time.
Apollo Go has established operations across 28 cities worldwide. Its fleets have traveled more than 350 million autonomous kilometers, including over 240 million kilometers in fully driverless mode.
Uber emphasized that safety remains a central priority. Baidu’s Apollo Go vehicles, like all autonomous vehicles operating through Uber’s network, must comply with its safety guidelines before entering service.
Uber currently works with more than 30 autonomous-vehicle partners and facilitates millions of autonomous trips annually. The company is developing a hybrid transportation network in which driverless vehicles and human drivers operate alongside one another to make mobility more affordable, sustainable and accessible.
Uber aims to gain a stronghold in the robotaxi market through strategic partnerships. By adopting this approach, Uber has avoided the massive R&D costs of developing autonomous systems in-house. In 2020, Uber sold the self-driving division but retained its focus on becoming the ultimate ride-hailing super app.
In line with its partnership-driven strategy, Uber, in collaboration with another Chinese company, WeRide (WRD - Free Report) , announced earlier this year plans to introduce commercial robotaxi services in the Greater Zurich Region. This move represents their second joint deployment in Europe, coming just weeks after the announcement of a similar initiative in Madrid.
Since December 2024, WeRide and Uber have introduced robotaxi services across several Middle Eastern markets, including fully driverless commercial operations in Abu Dhabi and Dubai, as well as public services in Riyadh. These deployments provide an operational foundation for their European expansion.
UBER’s Share Price Performance, Valuation and EstimatesShares of UBER have gained in low double digits (% wise) over the past three months. Consequently, UBER’s shares outperformed the Zacks Internet-Services industry over the same time frame.
3-Month Price ComparisonImage Source: Zacks Investment Research
From a valuation standpoint, UBER trades at a 12-month forward price-to-sales of 2.52X. UBER trades at a discount compared with its industry.
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See how the Zacks Consensus Estimate for Uber’s earnings has been revised over the past 90 days.
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UBER's Zacks RankUBER currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AI Squared Management Ltd grew its holdings in shares of Baidu, Inc. (NASDAQ:BIDU – Free Report) by 142.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 156,308 shares of the information services provider’s stock after purchasing an additional 91,750 shares during the period. Baidu makes up approximately 9.5% of AI Squared Management Ltd’s holdings, making the stock its 2nd largest position. AI Squared Management Ltd’s holdings in Baidu were worth $17,864,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in BIDU. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in shares of Baidu during the fourth quarter valued at $2,626,000. Kercheville Advisors LLC raised its position in Baidu by 81.8% in the 4th quarter. Kercheville Advisors LLC now owns 18,275 shares of the information services provider’s stock worth $2,388,000 after buying an additional 8,225 shares during the last quarter. WCM Investment Management LLC raised its position in Baidu by 967.3% in the 1st quarter. WCM Investment Management LLC now owns 454,295 shares of the information services provider’s stock worth $48,428,000 after buying an additional 411,731 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in Baidu by 110.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 246,789 shares of the information services provider’s stock valued at $28,206,000 after acquiring an additional 129,789 shares during the period. Finally, Maxi Investments CY Ltd bought a new position in Baidu during the 4th quarter valued at about $5,403,000.
Baidu Stock Up 1.3% Shares of BIDU opened at $93.21 on Friday. The company has a quick ratio of 1.85, a current ratio of 2.33 and a debt-to-equity ratio of 0.28. The business has a fifty day moving average of $108.74 and a 200 day moving average of $120.59. The company has a market cap of $31.71 billion, a PE ratio of -44.18, a P/E/G ratio of 3.27 and a beta of 0.58. Baidu, Inc. has a 52-week low of $88.14 and a 52-week high of $165.30.
Key Headlines Impacting Baidu Here are the key news stories impacting Baidu this week: Positive Sentiment: International robotaxi expansion: Baidu’s fully driverless Apollo Go vehicles are now available through Uber’s platform in Dubai. The launch, operated by New Horizon Luxury Transport, is the first deployment under Baidu and Uber’s multi-year partnership and gives Baidu’s autonomous-driving technology commercial exposure outside China. Baidu’s Apollo Go Goes Live on Uber in Dubai Positive Sentiment: Relative sector strength: Friday’s weakness in Chinese internet stocks was described as largely Alibaba-specific, following concerns about Alibaba’s sharply higher capital spending. Baidu’s relative resilience suggests investors are not broadly abandoning Chinese technology shares and may view Baidu’s AI and autonomous-driving investments differently. Alibaba Sinks as Capex Surges; Baidu Ticks Up Neutral Sentiment: Robotaxi opportunity remains early-stage: The Uber-Dubai rollout strengthens Baidu’s commercialization narrative, but the immediate financial contribution is likely limited. Investors will need evidence of broader fleet deployment, utilization and profitability before the initiative materially changes earnings expectations. Uber Launches Baidu’s Fully Driverless Apollo Go in Dubai Negative Sentiment: Analyst downgrade and cost pressure: Morgan Stanley reportedly turned more cautious on Baidu, citing increasing AI spending and pressure on advertising revenue. The concern is that investment needed to compete in AI could weigh on earnings before new businesses generate meaningful returns. Morgan Stanley Downgrades Baidu on Rising AI Costs Negative Sentiment: Weak technical setup: Baidu shares remain below important 50-day and 200-day moving averages, signaling persistent downward momentum and potentially limiting near-term investor enthusiasm. Baidu’s Technical Picture Remains Weak Analysts Set New Price Targets BIDU has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Baidu from a “sell” rating to a “hold” rating in a report on Monday, May 25th. Susquehanna increased their price objective on shares of Baidu from $120.00 to $140.00 and gave the company a “neutral” rating in a research report on Wednesday, May 20th. Citigroup restated a “buy” rating on shares of Baidu in a report on Tuesday, June 23rd. JPMorgan Chase & Co. cut their price objective on Baidu from $230.00 to $205.00 and set an “overweight” rating for the company in a report on Friday, July 17th. Finally, Barclays lowered their target price on Baidu from $124.00 to $96.00 and set an “equal weight” rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, Baidu presently has a consensus rating of “Moderate Buy” and a consensus price target of $156.83.
Read Our Latest Stock Report on Baidu
Baidu Company Profile (Free Report)
Baidu, Inc, founded in 2000 and headquartered in Beijing, is a Chinese multinational technology company best known for operating one of China’s leading internet search engines. The company built its business around online search and related advertising services, providing search, content aggregation and targeted ad placements to consumers and marketers across China. Baidu went public on the NASDAQ in 2005 and has since diversified beyond search into a broader technology and AI-focused portfolio.
Core products and services include the Baidu search platform and mobile app, Baidu Maps and Baidu Baike (an online encyclopedia), along with digital content initiatives.
Further Reading Five stocks we like better than Baidu Blueprint for a Boom: SEC Clears the Crypto Runway Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss Advance Auto Parts Plunged, But Its Turnaround Is Still Working Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates? Want to see what other hedge funds are holding BIDU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Baidu, Inc. (NASDAQ:BIDU – Free Report).
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Friday’s action in Chinese internet stocks is an Alibaba-specific repricing, not a sector selloff. The proof sits with peers, where the benchmark ETF and largest e-commerce competitors are barely moving while Alibaba absorbs the reaction to its AI infrastructure bill.
Alibaba (NYSE:BABA | BABA Price Prediction) stock is down 7% to $121.17 in Friday morning trading, reversing Thursday’s rally as investors reprice the cost of the company’s AI buildout. BABA shares are down 10% year to date through Thursday’s close, and Friday’s slide brings the pain forward.
Also weaker on the day, PDD Holdings (NASDAQ:PDD) stock is down 1% to $88.74, a modest slip tied to domestic e-commerce read-through rather than the AI capex story. However, Baidu (NASDAQ:BIDU) stock is up 2% to $93.98, moving opposite Alibaba as investors treat Alibaba’s cloud number as demand validation without a matching invoice.
Meanwhile, JD.com (NASDAQ:JD) stock is unchanged at $29.46. For context, the KraneShares CSI China Internet ETF (NYSEARCA:KWEB) is flat at $26.78, striking given Alibaba is the fund’s largest holding.
Cloud Growth Meets a 75% Capex Surge Alibaba reported June quarter results Thursday before the open in a 6-K filing. Revenue was just under 269 billion yuan ($40 billion), up 9% year over year and met expectations. Moreover, Alibaba’s adjusted net income fell 38% to 20.7 billion yuan, landing well below consensus.
Cloud carried the growth story. Alibaba’s AI cloud and compute services revenue rose 45% to 48.44 billion yuan ($7.2 billion), a 22-quarter high, and AI-related product revenue posted its 12th consecutive quarter of triple-digit growth. Yet, the invoice arrived in the same envelope.
Also, Alibaba’s capital spending rose 75% to 67.68 billion yuan ($10.1 billion), driven by GPU procurement and higher CPU volume for anticipated AI-agent adoption. That capex pushed Alibaba’s free cash flow to an outflow of 44.7 billion yuan, against positive 18.8 billion yuan a year earlier.
Regulations added pressure. AliExpress absorbed a European Commission fine of 550 million euros ($642 million) levied in late July over Digital Services Act violations. Domestic commerce weakened further, with China e-commerce revenue falling 8% to just under 111 billion yuan ($16.5 billion), sharpening the competitive read to PDD Holdings.
CEO Eddie Wu stated, “We delivered a strong quarter, driven by the improving commercialization of our full-stack AI capabilities.” Friday’s action shows the market wants that commercialization visible on the cash flow line before repricing the multiple higher.
Why Baidu Went the Other Way Alibaba reported before the open Thursday, so the market saw the invoice. Baidu didn’t report, collecting the read-across from Alibaba’s 45% cloud growth as evidence that Chinese AI demand is real, without showing what that demand costs.
BIDU shares were down 30% year to date through Thursday’s close, leaving more room for a demand-validation bid on a session when peers broadcast AI demand rather than present the bill.
PDD Holdings stock was down 21% year to date through Thursday’s close, and Friday’s 1% slip fits the read that PDD is most tied to the domestic share Alibaba is losing, given the 7% decline in customer management revenue. JD.com stock is up 6% year to date, the only name in the group positive year to date, and unchanged today.
The KraneShares CSI China Internet ETF was down 22% year to date through Thursday’s close but flat Friday, even with Alibaba as its largest holding. A 7% drop in the biggest constituent that leaves the fund unchanged means capital is rotating inside Chinese internet, not leaving it.
What to Watch Next Alibaba has committed 380 billion yuan over three years to AI and cloud infrastructure, with 190 billion yuan spent by the end of the June quarter, so the spending cycle isn’t close to finished. Friday’s action says the market wants proof that this capex converts into cash-generating growth, not just cloud growth.
Investors could look for signs that Alibaba’s next few quarters translate the 45% cloud growth rate into free cash flow rather than deeper outflows. A 22-quarter high in cloud growth confirms the demand side is delivering. What remains open is when the return side catches up.
Alibaba’s shareholders may want to size their positions carefully into the next earnings report, keeping dry powder for any further capex disclosures. The peers argue against treating this as a China-wide risk event, but the primary name (Alibaba) carries a spending cycle only the calendar can shorten.
Contact [email protected] for any questions or corrections.
Uber Technologies (UBER) and Baidu (BIDU) are partnering for a new robotaxi endeavor in Dubai, while Bitcoin bulls aim to retake the wheel of crypto momentum. Marley Kayden and Sam Vadas turn to their top takeaways of Thursday's trading session.
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith continues an investigation on behalf of Baidu, Inc. (“Baidu” or the “Company”) (NASDAQ: BIDU) investors concerning the Company's possible violations of federal securities laws. IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN BAIDU, INC. (BIDU), CONTACT THE LAW OFFICES OF HOWARD G. SMITH ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS. Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at howardsmit.
DUBAI, United Arab Emirates--(BUSINESS WIRE)--Uber Technologies, Inc (NYSE: UBER) today announced that Baidu, Inc.'s (NASDAQ: BIDU and HKEX: 9888) fully driverless Apollo Go vehicles are officially available to riders on the Uber platform in Dubai, with New Horizon Luxury Transport serving as the fleet operator. This milestone reinforces Uber's position as the platform of choice for autonomous vehicles (AVs) and marks a leap forward in expanding autonomous technology worldwide. As the inaugural.
Baidu remains a Strong Buy as its AI-powered businesses deliver robust growth, despite ongoing declines in its core operations. BIDU's AI Cloud Infrastructure revenue surged 50% YoY, with GPU Cloud revenue up 283%, underscoring a successful pivot toward high-growth AI segments. The company's $41.72B cash position and undervalued market cap provide flexibility for aggressive investment and potential value unlocks, especially via Kunlunxin's anticipated IPO.
Baidu, Inc. reported Q2 2026 revenue of RMB 31.3B, missing estimates and declining 4% YoY, with AI growth insufficient to offset ad business weakness. BIDU's AI-powered business grew 25% YoY to RMB 12.5B, but online marketing revenue dropped 19%, highlighting a two-speed business with core profitability under pressure. Net profit fell 68% to RMB 2.32B, below consensus, as heavy AI investment and declining legacy revenue weighed on margins and consolidated earnings.
Glancy Prongay Wolke & Rotter LLP, a leading national shareholder rights law firm, continues an investigation on behalf of Baidu, Inc. (“Baidu” or the “Company”) (NASDAQ: BIDU) investors concerning the Company’s possible violations of the federal securities laws.
IF YOU ARE AN INVESTOR WHO LOST MONEY ON BAIDU, INC. (BIDU), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS.
What Happened?
On November 26, 2025, Reuters reported that an October 7th letter from Deputy Defense Secretary Stephen Feinberg informed lawmakers that the Pentagon had determined Baidu to be one of three companies to be newly added to a list of companies that aid the Chinese military.
On this news, Baidu’s stock price fell $1.54, or 1.3%, to close at $116.34 per share on November 26, 2025, thereby injuring investors.
Then, on February 26, 2026, the Company reported fourth quarter and full year 2025 financial results, including that "Total revenues were RMB129.1 billion ($18.46 billion), decreasing 3% year over year, primarily due to adecrease in Legacy Business, partially offset by an increase in Baidu Core AI-powered Business." However, Baidu management assured investors its “results demonstrate AI's growing contribution to Baidu's value creation and our ability to translate AI capabilities into scalable commercial impact.”
On this, Baidu shares fell $7.50 or 5.65%, to close at $125.15 on February 26, 2026, injuring investors further.
Recently, on August 18, 2026, the Company reported second quarter 2026 financial results, including that revenue of RMB 31.3B ($4.62 billion), another decline of 4% year over year. Management explained it is “deliberately holding back on monetizing the AI search” which has “weighed on our advertising businesses in the near term.” The Company further stated that "[t]he competition in this industry remains very intense” and “competition for users' time and attention has intensified further."
On this, Baidu shares fell as much as $13.75 or 13.21% during intraday trading on August 18, 2026, thereby injuring investors further.
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Persons with non-public information regarding Baidu, Inc. should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
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LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay Wolke & Rotter LLP, a leading national shareholder rights law firm, continues an investigation on behalf of Baidu, Inc. (“Baidu” or the “Company”) (NASDAQ: BIDU) investors concerning the Company's possible violations of the federal securities laws. IF YOU ARE AN INVESTOR WHO LOST MONEY ON BAIDU, INC. (BIDU), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS. What Happened? On November 26, 2025, Reuters reported that an.
Baidu Inc. (NASDAQ:BIDU) on Tuesday reported downbeat results for the second quarter.
Baidu reported revenue of 31.3 billion yuan ($4.62 billion), down 4% year over year and missing the $4.65 billion analyst estimate.
GAAP diluted earnings were 5.74 yuan (85 cents) per American depositary share. Adjusted earnings of 7.22 yuan ($1.06) per ADS missed the $1.35 analyst estimate.
General Business revenue fell 4% to 25.2 billion yuan. Its operating margin was 12%, while its adjusted operating margin was 15%. Meanwhile, iQIYI revenue declined 5% to 6.3 billion yuan. The business posted a negative 2% operating margin and a roughly flat adjusted operating margin.
“The quarter was marked by several highlights. First, revenue from Baidu Core AI-powered Business reached RMB 12.5 billion and continued to account for half of Baidu General Business revenue. Second, operating cash flow for Baidu remained positive for the fourth consecutive quarter, reaching RMB 3.4 billion in the second quarter. Third, we are moving forward with our conversion to a dual-primary listing in Hong Kong and expect it to become effective within this year.” said Haijian He, CFO of Baidu. “Going forward, we remain firmly committed to investing in AI as the core driver of Baidu’s long-term growth.”
Baidu shares rose 1.5% to trade at $92.26 on Wednesday.
These analysts made changes to their price targets on Baidu following earnings announcement.
Morgan Stanley analyst Gary Yu downgraded the stock from Equal-Weight to Underweight and lowered the price target from $130 to $80. Barclays analyst Jiong Shao maintained the stock with an Equal-Weight rating and cut the price target from $124 to $96. Benchmark analyst Fawne Jiang maintained the stock with a Buy and lowered the price target from $215 to $150. Latest Private Market Opportunities
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Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our analyst ratings page.
Morgan Stanley analyst Gary Yu downgraded Baidu Inc (NASDAQ:BIDU) from Equal-Weight to Underweight and cut the price target from $130 to $80. Baidu closed at $90.87 on Tuesday. See how other analysts view this stock. CIBC analyst Paul Holden downgraded Bank of Montreal (TSX:BMO) from Outperformer to Neutral and raised the price target from C$244 to C$272. See how other analysts view this stock. JP Morgan analyst Sebastiano Petti downgraded Cogent Communications Holdings Inc (NASDAQ:CCOI) from Neutral to Underweight and cut the price target from $22 to $9. Cogent Communications closed at $10.13 on Tuesday. See how other analysts view this stock. Jefferies analyst Jack Slevin downgraded Pediatrix Medical Group Inc (NYSE:MD) from Buy to Hold and raised the price target from $27 to $28. Pediatrix Medical Group shares closed at $26.56 on Tuesday. See how other analysts view this stock. UBS analyst George Eadie downgraded Core Natural Resources Inc (NYSE:CNR) from Buy to Neutral and raised the price target from $101 to $105. Core Natural Resources closed at $92.03 on Tuesday. See how other analysts view this stock. Considering buying BIDU stock? Here’s what analysts think:
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Baidu.com (NASDAQ:BIDU) shares fell 9.3% in Tuesday morning trading after the Chinese tech giant reported second-quarter results that missed analyst estimates on revenue, earnings and net income.
Revenue for the quarter came in at RMB31.3 billion, below the RMB31.96 billion analysts had expected and down 2% quarter-over-quarter. Non-GAAP earnings per ADS came in at RMB7.22, missing estimates of RMB9.92.
Net income totaled RMB2.3 billion, short of the RMB3.42 billion analysts had forecast, while adjusted EBITDA reached RMB6.2 billion, ahead of the RMB5.79 billion estimate.
By segment, Baidu's core business generated RMB25.2 billion in revenue, down 4% year-over-year. AI Cloud infrastructure revenue rose 50% year-over-year to RMB7.3 billion. Streaming platform iQIYI contributed RMB6.3 billion, up 1% quarter-over-quarter.
Adjusted EBITDA margin for the quarter was 20%, GAAP earnings per ADS were RMB5.74, and net margin stood at 7%.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Baidu (NASDAQ:BIDU | BIDU Price Prediction) stock is falling 13% to $90.39 in Tuesday trading after the Chinese internet company reported second-quarter results that missed expectations on revenue and adjusted earnings. Baidu’s revenue fell 4% year over year to 31.3 billion yuan, or $4.6 billion, while adjusted earnings per American Depositary Share came in at 7.22 yuan, or $1.06.
Baidu’s results highlight the difficult transition from a search-driven business toward artificial intelligence, cloud computing and autonomous-driving technologies. The sharp stock decline also raises a broader question about whether Baidu can turn strong AI investment into enough near-term growth to offset weakness in its traditional advertising business.
Baidu’s AI Progress Faces a Tougher Test Baidu’s AI Cloud business remains one of the brighter parts of the story, with AI Cloud revenue having grown sharply as the company expands its infrastructure and AI offerings. Yet Baidu’s legacy search business remains under pressure, leaving investors to weigh the potential of the newer businesses against deterioration in an important source of cash generation.
Baidu’s second-quarter results suggest that the transition is still producing uneven financial results. The company can potentially benefit if AI infrastructure demand continues accelerating, but Baidu may need stronger monetization before investors become comfortable assigning a higher valuation to the business.
Alibaba And KWEB Offer Useful Comparisons Alibaba (NYSE:BABA) stock provides a useful comparison because Alibaba is also investing heavily in cloud computing and artificial intelligence while maintaining a much larger e-commerce operation. Alibaba stock has demonstrated stronger recent momentum, leaving Baidu stock with a more difficult task in convincing investors that its AI investments can narrow the performance gap.
The KraneShares CSI China Internet ETF (NYSE ARCA:KWEB) also gives investors a broader benchmark for Chinese internet stocks. KWEB shares are trading near $26.76 on Tuesday, making the ETF a useful way to distinguish Baidu’s company-specific weakness from broader moves in Chinese technology stocks.
Takeaway: The Bull And Bear Cases For BIDU The bullish argument for Baidu rests on the possibility that AI Cloud, autonomous driving and other AI businesses eventually become large enough to outweigh declining search revenue. Baidu also has substantial liquidity and an established technology platform, which could give Baidu room to keep funding AI development while weaker businesses mature.
The bearish argument is that Baidu’s AI opportunity may require significant spending before it produces attractive returns, while the company’s advertising business is already weakening. Investors could also remain reluctant to own Baidu stock while Chinese technology shares face macroeconomic, regulatory and competitive uncertainties.
Baidu’s Tuesday decline puts the shares near their lowest level of the year and leaves the stock down more than 35% in 2026.
Baidu stock could appeal to investors who believe the market is underestimating the long-term value of its AI transition, but the latest results show why that thesis carries meaningful execution risk. Investors should consider keeping their BIDU position sizes moderate if they choose to invest, particularly until Baidu demonstrates that AI growth can consistently offset weakness in its legacy businesses.
Contact [email protected] for any questions or corrections.
Baidu is rated Hold as persistent ad revenue and MAU declines outweigh AI-driven growth. AI-powered business now comprises 50% of BIDU's core, but weak ad guidance and user churn drive caution. Online marketing revenue fell 19% y/y and app MAU dropped 9.3% y/y, reflecting structural shifts to AI-centric competitors.
Baidu's legacy online advertising/marketing business is deteriorating faster than I expected, with online-marketing down 19% and Legacy Business down 23% in Q2 2026. At the same time Baidu's AI-powered business generated RMB 12.5 billion of revenue, grew 25% year over year, and accounted for half of general business revenue. The transition remains expensive, Baidu spent RMB 11.4 billion on capex and produced approximately RMB 8 billion of negative free cash flow in Q2, while AI-Cloud profitability remains opaque.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of BIDU, BABA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF, FRA:0XD) said preliminary testing at its Kavango West 1X discovery well flowed natural gas and potential liquids to surface from the Huttenberg formation, completing vertical production testing and clearing the way for an open-hole horizontal test.
The company, along with partners BW Energy and the National Petroleum Corporation of Namibia, said the uppermost Huttenberg zone flowed gas and potential liquid content to surface immediately upon perforation, ahead of any acid stimulation.
The upper Elandshoek zone had previously flowed hydrocarbons to surface.
Flow rates from the Huttenberg were not measured due to previously disclosed equipment limitations.
ReconAfrica said it has procured the necessary equipment, now being shipped to site, and changed its surface operations service provider to address this for the upcoming test. Production samples have been collected in IsoTubes and sent to US laboratories, with compositional analysis expected in the coming weeks.
With vertical testing complete, ReconAfrica plans to proceed with an open-hole horizontal production test in the uppermost Huttenberg zone, with an option for an additional horizontal test in the uppermost Elandshoek zone.
The company said the Huttenberg was chosen based on its flow results, 75 metres of pay identified from well log analysis, matrix porosity between natural fractures, and a shallower depth allowing a longer horizontal lateral. The Jarvie-1 rig is expected to drill up to 1,000 metres of horizontal section through the formation.
ReconAfrica CEO Brian Reinsborough said the vertical cased-hole phase of testing at KW1X is complete and the company has a high level of confidence moving into horizontal testing.
“Importantly, KW1X's well results do not just validate a single structure; it also opens running room across the block,” the CEO said.
“We have mapped 22 structures using existing seismic data and anticipate the inventory could grow with additional seismic coverage on PEL 73. We also believe our acreage in Angola could add additional structures to our inventory. These results have made critical steps to derisk and open a new play fairway.”
ReconAfrica said the vertical program was designed to determine which parts of the reservoir could flow hydrocarbons to surface, not to establish flow rates, as cased vertical wells are not the optimized design for the fractured reservoir. Two of six identified zones of interest in the well were confirmed to contain hydrocarbons capable of flowing to surface.
The Jarvie-1 rig remains on location. ReconAfrica has procured two high-pressure pumps, a swabbing unit and additional supporting equipment in the US for the horizontal test, currently being shipped to site.
The company also continues to advance permitting for the Kavango West 2A appraisal well, where partners plan a similar horizontal production test once work at KW1X concludes.
Oak Securities has started coverage of Coinsilium Group Limited (AQSE:COIN, OTCQB:CINGF, FRA:5CT), the Gibraltar-based digital asset venture builder, with a 'buy' rating and a 4.25p price target.
Analyst Henry Poole pitched the target at more than double the current 2p share price.
Coinsilium, which trades on the Aquis Stock Exchange and is valued at around £10 million, is presented as a venture builder backed by a Bitcoin treasury rather than a pure crypto holding company.
The firm holds 182 Bitcoin through its Forza (Gibraltar) subsidiary, worth roughly £8.6 million, though the coins were bought last year at an average cost well above today's price.
Oak values the group on a sum-of-the-parts basis, reaching an indicative asset value of £17.4 million before applying a 20% premium for its venture-building capability.
The broker sees the main upside in Coinsilium's early-stage technology bets, aimed at the so-called agentic economy of autonomous AI software that transacts and settles on-chain.
Chief among them is a 50 million token position in Yellow Network, a decentralised clearing protocol whose YELLOW token launched in March and is marked at about $2 million.
Oak assumes the token climbs from $0.041 to $0.12 over the next year, lifting the value of the holding towards £4.5 million.
The note also highlights Coinsilium's $350,000 stake, close to 12%, in Predictive Labs, a Singapore company building a data layer for prediction markets.
That sector is forecast to grow from around $51 billion of trading volume in 2025 to roughly $1 trillion by 2030, according to Bernstein Research estimates.
A planned float of portfolio company Greengage on Aquis, alongside further token milestones, is flagged as a potential catalyst.
Against that, Oak points to Coinsilium's reliance on volatile crypto valuations, early-stage execution risk and thin cash generation, with the company burning about £1.2 million a year.
Following a £17 million raise in 2025, it has roughly a year of cash runway, backed by its digital asset holdings.
Klarna (KLAR) beat on the top and bottom line but the stock still plunged at Tuesday's opening bell after the company cut its outlook. Sam Vadas talks about the strong downside move moments after the opening bell.
Baidu.com (NASDAQ:BIDU) shares fell 9.3% in Tuesday morning trading after the Chinese tech giant reported second-quarter results that missed analyst estimates on revenue, earnings and net income.
Revenue for the quarter came in at RMB31.3 billion, below the RMB31.96 billion analysts had expected and down 2% quarter-over-quarter. Non-GAAP earnings per ADS came in at RMB7.22, missing estimates of RMB9.92.
Net income totaled RMB2.3 billion, short of the RMB3.42 billion analysts had forecast, while adjusted EBITDA reached RMB6.2 billion, ahead of the RMB5.79 billion estimate.
By segment, Baidu's core business generated RMB25.2 billion in revenue, down 4% year-over-year. AI Cloud infrastructure revenue rose 50% year-over-year to RMB7.3 billion. Streaming platform iQIYI contributed RMB6.3 billion, up 1% quarter-over-quarter.
Adjusted EBITDA margin for the quarter was 20%, GAAP earnings per ADS were RMB5.74, and net margin stood at 7%.
Baidu, Inc. (BIDU) Q2 2026 Earnings Call August 18, 2026 8:00 AM EDT
Company Participants
Juan Lin - Director of Investor Relations
Yanhong Li - Co-Founder, Chairman & CEO
Haijian He - Chief Financial Officer
Dou Shen - Executive VP & President of Baidu AI Cloud Group
Rong Luo - Executive Vice President of Baidu Mobile Ecosystem Group
Conference Call Participants
Alex Yao - JPMorgan Chase & Co, Research Division
Alicis a Yap - Citigroup Inc., Research Division
Xiaomeng Zhuang - BofA Securities, Research Division
Lincoln Kong - Goldman Sachs Group, Inc., Research Division
Wei Xiong - UBS Investment Bank, Research Division
Thomas Chong - Jefferies LLC, Research Division
Ellie Jiang - Macquarie Research
Presentation
Operator
Hello and thank you for standing by for Baidu's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Today's conference is being recorded.
[Operator Instructions] I would now like to turn the meeting over to your host for today's conference, Juan Lin, Baidu's Director of Investor Relations.
Juan Lin
Director of Investor Relations
Hello, everyone, and welcome to Baidu's Second Quarter 2026 Earnings Conference Call. Baidu's earnings release was distributed earlier today, and you can find a copy on our website as well as on Newswire services.
On the call today, we have Robin Li, our Co-Founder and CEO; Julius Rong Luo, our EVP in charge of Baidu Mobile Ecosystem Group, MEG; Dou Shen, our EVP in charge of Baidu AI Cloud Group, ACG; and Henry Haijian He, our CFO. After our prepared remarks, we will hold a Q&A session.
Please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. For detailed discussions of these risks and uncertainties, please refer to
Baidu (BIDU) is experiencing significant pressure following a disappointing adjusted earnings per share (EPS) report and consolidated revenue that fell 4% year-
Shares of Baidu (BIDU -12.65%) fell sharply on Tuesday, falling as much as 11.6%. As of 11:32 a.m. ET, the stock was still down 11.4%.
The catalyst that sent the Chinese tech giant lower was news that its heavy investment in artificial intelligence (AI) isn't paying off quickly enough for Wall Street.
Image source: Getty Images.
Heavy investment, little return Baidu reported its second-quarter results, and to say investors were disappointed might be putting it mildly. Revenue of RMB 31.3 billion (roughly $4.62 billion) fell 4% year over year, with declines across the major operating units. Revenue from its general business declined 3% to $3.71 billion, while revenue from iQIYI -- its majority-owned streaming service -- slipped 5% to $927 million.
If the top-line results were disappointing, the bottom line was doubly so. Diluted earnings per American Depository Share (ADS) of RMB 5.74 (about $0.85) plunged 72%.
For context, analysts' consensus estimates called for revenue of RMB 31.95 billion and earnings per ADS of RMB 9.84, so Baidu missed expectations by a country mile.
Today's Change
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Current Price
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Perhaps most concerning was that the company's legacy ad business continued to struggle, as online marketing revenue fell 19% year over year.
There were some green shoots, as Baidu's AI-powered core business grew 25% year over year, driven higher by its AI cloud, which jumped 50%. AI applications edged 3% higher, while its AI-based marketing services were flat.
Baidu continues to invest heavily in its AI-powered future, with capital expenditures (capex) of RMB 11.4 billion (about $1.68 billion), triple the RMB 3,800 it spent in the prior-year quarter. It's clear investors had hoped that spending of that magnitude would yield more impressive results.
At 71 times trailing-12-month earnings, Baidu is selling for a premium. However, at just 13 times forward earnings, it represents a high-risk, high-reward proposition. Let the buyer beware.
Danny Vena, CPA has positions in Baidu. The Motley Fool has positions in and recommends Baidu. The Motley Fool recommends iQIYI. The Motley Fool has a disclosure policy.
Baidu posted a fifth straight drop in quarterly revenue on Tuesday as the Chinese tech giant expressed confidence in its transition to artificial intelligence services to drive long-term growth.
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Baidu NASDAQ: BIDU said its AI-powered businesses accounted for half of its general business revenue in the second quarter of 2026, as the company reported rapid growth in AI cloud infrastructure and outlined continued investment in chips, models, applications and autonomous driving.
China's Baidu (9888.HK), missed Wall Street estimates for second-quarter revenue on Tuesday as declines in its core advertising business offset growth in AI-linked cloud services, sending its U.S.-listed shares down 3.5% in premarket trading.
A prolonged downturn in China's property sector and weak consumer spending have led businesses to cut marketing budgets, weighing on advertising demand and pressuring Baidu's online marketing business.
The company reported a 4% decline in revenue to 31.33 billion yuan ($4.65 billion) in the second quarter, compared with analysts' average estimate of 31.96 billion yuan, according to data compiled by LSEG.
The online marketing services segment reported total revenue of 13.1 billion yuan in the quarter ended June, down 19% from a year ago.
However, the company's AI-related businesses stood out, as businesses' adoption of AI drove demand for Baidu's cloud infrastructure.
Revenue from its Core AI-powered Business, which includes cloud computing and AI applications, rose 25% year-on-year to 12.5 billion yuan.
Baidu has been increasing spending on AI infrastructure and talent, which analysts say could continue to pressure margins even as AI-related revenue grows.
Even so, Baidu has fallen behind Chinese rivals such as ByteDance and Alibaba (9988.HK) in the race to develop AI technologies and products.
Its Ernie large language model has gone months without a major upgrade, while competitors have continued to roll out newer versions of their models.
Baidu shares fell around 5% in US premarket trading Tuesday after the Chinese search and artificial intelligence company reported second-quarter earnings and revenue that missed analyst expectations. Baidu reported earnings per share of RMB7.22, below the analyst estimate of RMB9.84.
Čínská technologická společnost Baidu, která provozuje mimo jiné největší čínský vyhledávač či autonomní vozidla Apollo, dnes oznámila výsledky za 2Q. Výnosy klesly již pátý kvartál v řadě, přičemž byly taženy dolů online marketingovými výnosy, které meziročně poklesly o 19 %. Byznys poháněný umělou inteligencí naopak rostl meziročně o 25 % a na výnosech hlavního byznysu se podílel polovinou.
Výsledky společnosti Baidu (BIDU) za 2Q 2026 2Q 2026 Konsensus 2Q 2026 2Q 2025 Výnosy (mld. CNY) 31,33 31,59
32,71 Čistý zisk (mld. CNY) 2,32 -- 7,32 Očištěný zisk na depozitní certifikát*(EPS, CNY/certifikát) 7,22 9,75 13,58 *jeden americký depozitní certifikát odpovídá 8 akciím
Výsledky Výnosy společnosti meziročně poklesly o 4 % na 31,33 mld. CNY (4,62 mld. USD) a mírně tak zaostaly za odhady analytiků ve výši 31,59 mld. CNY.
Baidu své výnosy dělí do dvou segmentů. Baidu General Business, který zahrnuje výnosy z vyhledávání (reklamy a marketingové služby) a cloudových služeb, meziročně poklesl o 4 % na 25,18 mld. CNY. Online marketingové výnosy zde zaznamenaly meziroční pokles o 19 % na 13,1 mld. CNY, zatímco ostatní výnosy byly meziročně o 21 % vyšší a činily 12,1 mld. CNY, když byly primárně taženy růstem v AI cloud byznysu.
Výnosy ze streamovací platformy iQIYI meziročně poklesly o 5 % na 6,29 mld. CNY při analytickém konsensu 6,4 mld. CNY.
Výnosy segmentu Baidu Core AI-powered Business, tedy byznysu poháněného umělou inteligencí, zaznamenaly meziroční růst o 25 % na 12,5 mld. CNY. Tento segment se podílel na výnosech Baidu General Business z 50 % (před rokem 38 %).
AI cloudová infrastruktura zaznamenala meziroční růst výnosů o 50 % na 7,3 mld. CNY. Výnosy z GPU Cloudu v rámci tohoto segmentu vzrostly meziročně o 283 %. Výnosy z AI aplikací meziročně vzrostly o 3 % na 2,5 mld. CNY. Výnosy z nativních AI marketingových služeb zůstaly meziročně zhruba beze změny na 2,6 mld. CNY. Očištěná EBITDA byla meziročně nižší o 5,3 %, když činila 6,15 mld. CNY při odhadech 5,81 mld. CNY.
Očištěný provozní zisk meziročně poklesl o 15 % na 3,79 mld. CNY při konsensu 3,61 mld. CNY.
V červnu dosáhla aplikace Baidu 644 mil. měsíčně aktivních uživatelů.
Služba Apollo Go rozšířila svou globální stopu na 28 měst a její flotily dosud najezdily přes 350 mil. autonomních kilometrů, z toho více než 240 mil. kilometrů plně bez řidiče.
Ke 30. 6. 2026 činila celková hotovost a investice 283,1 mld. CNY (41,72 mld. USD). Provozní hotovostní tok dosáhl 3,4 mld. CNY.
Návrat kapitálu akcionářům Od začátku 1Q 2026 vrátilo Baidu akcionářům 259 mil. USD prostřednictvím zpětných odkupů akcií.
Komentář vedení „Nyní, když se byznys poháněný umělou inteligencí pevně etabloval jako jádro Baidu, posilujeme základy pro naši další fázi růstu taženého AI. AI cloudová infrastruktura si v tomto kvartále udržela silnou dynamiku, přičemž růst GPU Cloudu se dále zrychlil, a to už tak z vysoké základny. Také naše portfolio AI aplikací nadále vzkvétalo, se silnějšími schopnostmi a stále rozmanitějšími případy užití. Apollo Go dosáhlo stabilního pokroku ve své globální expanzi, přičemž dále posílilo své bezpečnostní a provozní schopnosti a zlepšilo zážitek pro cestující," uvedl spoluzakladatel a generální ředitel Robin Li. „Ačkoliv náš online marketingový byznys zůstává pod tlakem, rostoucí dynamika našeho klíčového byznysu poháněného umělou inteligencí potvrzuje přerod Baidu ze společnosti zaměřené na internet ve společnost stavějící umělou inteligenci na první místo a posiluje naši důvěru v náš dlouhodobý růstový potenciál."
„Kvartál byl ve znamení několika významných momentů. Zaprvé, výnosy segmentu byznysu poháněného umělou inteligencí dosáhly 12,5 mld. CNY a nadále tvořily polovinu výnosů segmentu Baidu General Business. Zadruhé, provozní hotovostní toky Baidu zůstaly kladné čtvrtý kvartál v řadě, když ve druhém kvartále dosáhly 3,4 mld. CNY. Zatřetí, postupujeme v naší konverzi na duální primární listing v Hongkongu a očekáváme, že nabude účinnosti ještě v letošním roce," řekl finanční ředitel Haijian He. „Do budoucna zůstáváme pevně oddáni investicím do umělé inteligence jakožto klíčového hnacího motoru dlouhodobého růstu Baidu."
Pohled analytika Analytik Robert Lea z Bloomberg Intelligence uvedl, že dlouhodobé vyhlídky Baidu stojí na schopnosti zpeněžit své know-how a dovést ztrátové AI byznysy k ziskovosti. Podle něj sice umělá inteligence slibuje úspory z vyšší produktivity napříč řadou odvětví, ale Baidu chybí rozsah na to, aby konkurovalo velkým čínským technologickým platformám, které podle něj nakonec odvětví ovládnou. Sílící konkurence tak postupně nahlodává náskok Baidu v čínském AI sektoru v době, kdy jeho snaha o monetizaci zatím nepřinesla výraznější výnosy.
Vývoj akcie ADR Baidu (BIDU) v předburzovní fázi obchodování zaznamenávají pokles o 5,69 % na 98,2 USD.
ADR Baidu (BIDU) před výsledky na 104,12 USD Ukazatel Ukazatel Kapitalizace (mld. USD) 35,3 P/E 19,2 Vývoj za letošní rok (%) -20,3 Očekávané P/E 15,0 52týdenní minimum (USD) 84,8 Prům. cílová cena (USD) 166,0 52týdenní maximum (USD) 165,3 Dividendový výnos (%) -- Zdroj: Baidu, Bloomberg
, /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the second quarter ended June 30, 2026.
"With AI-powered Business now firmly established as the core of Baidu, we are strengthening the foundations for our next phase of AI-driven growth. AI Cloud Infra sustained strong momentum this quarter, with GPU Cloud[1] growth accelerating further off an already high base. Our AI Applications portfolio also continued to flourish, with stronger capabilities and increasingly diverse use cases. Apollo Go made steady progress with its global expansion, while further strengthening its safety and operational capabilities and enhancing the rider experience," said Robin Li, Co-founder and CEO of Baidu. "While our online marketing business remains under pressure, the growing momentum in our core AI-powered Business reaffirms Baidu's transition from an internet-centric company to an AI-first company, and strengthens our confidence in our long-term growth potential."
"The quarter was marked by several highlights. First, revenue from Baidu Core AI-powered Business[2] reached RMB 12.5 billion and continued to account for half of Baidu General Business revenue. Second, operating cash flow for Baidu remained positive for the fourth consecutive quarter, reaching RMB 3.4 billion in the second quarter. Third, we are moving forward with our conversion to a dual-primary listing in Hong Kong and expect it to become effective within this year." said Haijian He, CFO of Baidu. "Going forward, we remain firmly committed to investing in AI as the core driver of Baidu's long-term growth."
Operational Highlights[2]
Corporate
In July 2026, following the Board's approval of a motion to pursue a voluntary conversion to a dual-primary listing (the "Primary Conversion"), Baidu submitted its application for the Primary Conversion and received the Hong Kong Stock Exchange's acknowledgement of the application. The Company will convene an extraordinary general meeting of shareholders on August 26, 2026 prior to the Primary Conversion to seek shareholder approval for related matters. The Primary Conversion is expected to become effective within this year, subject to the shareholder approval and the approval of the Hong Kong Stock Exchange. At the 2026 AI for Good Global Summit, three Baidu AI use cases—Apollo Go, Miaoda & MeDo, and PaddlePaddle—were recognized as winning cases and featured in the Innovate for Impact Report. According to MSCI's March 2026 ESG rating update, Baidu maintained its "AA" rating and continued to demonstrate industry-leading ESG performance. Baidu has returned US$259 million to shareholders since the beginning of Q1 2026 through repurchases of its shares under the current share repurchase program. Baidu Core AI-powered Business
AI Cloud Infra
Revenue from AI Cloud Infra was RMB 7.3 billion in the second quarter of 2026, up 50% year over year. Within AI Cloud Infra, revenue from GPU Cloud[3] increased by 283% year over year in the second quarter of 2026, further accelerating from 184% growth in the previous quarter. AI Applications
Revenue from AI Applications was RMB 2.5 billion in the second quarter of 2026, up 3% year over year. Baidu launched an enterprise edition of DuMate, its general-purpose agent for everyday productivity, in June 2026. Baidu Wenku and Baidu Drive continued to strengthen their AI-powered features, expanding new capabilities and enhancing existing ones, including through upgrades to GenFlow. In June 2026, AI DAU penetration across Baidu Wenku and Baidu Drive increased by 27.4% year over year, reflecting broader adoption of their AI-powered features. Robotaxi
Apollo Go continued to advance its global expansion. In London, Apollo Go began open-road testing in partnership with Uber and Lyft. In Dubai, Apollo Go launched fully driverless commercial operations, with rides also available through the Uber app, in addition to its own app. In Hong Kong, Apollo Go received the city's first permits for fully driverless testing and commenced testing on Airport Island, becoming the first autonomous ride-hailing service provider globally to conduct fully driverless testing in a right-hand-drive, left-hand traffic robotaxi market. In Switzerland, Apollo Go conducted open-road testing in partnership with PostBus. Apollo Go also signed a Memorandum of Understanding with Kazakhstan's Turlov Private Holding Ltd. to jointly explore autonomous ride-hailing services in the country. To date, Apollo Go's global footprint has reached 28 cities, and its fleets have accumulated over 350 million autonomous kilometers, including over 240 million fully driverless autonomous kilometers, with an outstanding safety record. AI-native Marketing Services
Revenue from AI-native marketing services reached RMB 2.6 billion in the second quarter of 2026, approximately flat year over year. Baidu App's MAUs reached 644 million in June 2026. The following table sets forth selected revenue highlights for our Baidu Core AI-powered Business for the periods indicated:
Baidu General Business
Q2
Q1
Q2
(In billions)
2025
2026
2026
YoY
QoQ
RMB
RMB
RMB
Baidu Core AI-powered Business[2]
10.0
13.6
12.5
25 %
(8 %)
- AI Cloud Infra
4.9
8.8
7.3
50 %
(17 %)
- AI Applications
2.5
2.5
2.5
3 %
3 %
- AI-native Marketing Services
2.6
2.3
2.6
0 %
11 %
% of Baidu General Business
38 %
52 %
50 %
Legacy Business[2]
13.6
10.2
10.4
(23 %)
3 %
Others[2]
2.7
2.2
2.3
(15 %)
2 %
Baidu General Business
26.3
26.0
25.2
(4 %)
(3 %)
[1] Revenue from GPU Cloud was previously referred to as subscription-based revenue from AI accelerator infrastructure. The growth in GPU Cloud Revenue reflected mounting demand for public cloud-based AI computing.
[2] The revenue and operational data presented are derived from the Company's internal management accounts and records, which have not been audited.
Second Quarter 2026 Financial Results for Baidu[3],[4]
Financial highlights
The following table sets forth revenue highlights for Baidu General Business:
Q2
Q1
Q2
(In billions, unaudited)
2025
2026
2026
YoY
QoQ
RMB
RMB
RMB
Online Marketing Services
16.2
12.6
13.1
(19 %)
4 %
Online Marketing Services % of Baidu
General Business
62 %
48 %
52 %
Others
10.0
13.4
12.1
21 %
(10 %)
Others % of Baidu General Business
38 %
52 %
48 %
Baidu General Business
26.3
26.0
25.2
(4 %)
(3 %)
Revenue was RMB31.3 billion ($4.62 billion), decreasing 2% quarter over quarter and 4% year over year. Revenue from Baidu General Business was RMB25.2 billion ($3.71 billion), decreasing 3% quarter over quarter and 4% year over year. Revenue from iQIYI was RMB6.3 billion ($927 million), increasing 1% quarter over quarter and decreasing 5% year over year.
Cost of revenue was RMB19.1 billion ($2.82 billion), decreasing 3% quarter over quarter, primarily due to a decrease in costs related to AI Cloud business, partially offset by an increase in traffic acquisition costs, and increasing 4% year over year, primarily due to increases in costs related to AI Cloud business.
Selling, general and administrative expenses were RMB4.6 billion ($677 million), decreasing 6% quarter over quarter and 23% year over year. The year over year decrease was primarily due to decreases in expected credit losses and channel spending expenses.
Research and development expenses were RMB4.6 billion ($679 million), increasing 5% quarter over quarter and decreasing 10% year over year, both of which were primarily due to fluctuations in personnel-related expenses.
Operating income was RMB3.0 billion ($446 million) and operating margin was 10%. Non-GAAP operating income was RMB3.8 billion ($558 million) and non-GAAP operating margin was 12%.
Total other income, net was RMB184 million ($27 million), compared to RMB626 million last quarter and RMB4.9 billion for the same period last year. The year over year decrease was primarily due to a decrease in fair value gain from long-term investments and an increase in net foreign exchange loss arising from exchange rate fluctuation between Renminbi and U.S. dollar.
Income tax expense was RMB1.0 billion ($147 million), compared to RMB528 million last quarter and RMB881 million for the same period last year.
Net income attributable to Baidu was RMB2.3 billion ($342 million), net margin for Baidu was 7% and diluted earnings per ADS was RMB5.74 ($0.85). Non-GAAP net income attributable to Baidu was RMB2.6 billion ($379 million), non-GAAP net margin for Baidu was 8% and non-GAAP diluted earnings per ADS was RMB7.22 ($1.06).
Adjusted EBITDA was RMB6.2 billion ($906 million) and adjusted EBITDA margin was 20%.
We define total cash and investments as cash, cash equivalents, restricted cash, short-term investments, net, long-term time deposits and held-to-maturity investments, and adjusted long-term investments. As of June 30, 2026, total cash and investments were RMB283.1 billion ($41.72 billion). Operating cash flow was RMB3.4 billion ($506 million).
For detailed financial information of Baidu General Business and iQIYI, please see the appended financial tables.
[3] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures" for more details).
[4] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.7851 as of June 30, 2026, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.
Changes in the Composition of Board Committees
In connection with the Primary Conversion, the board of directors of the Company (the "Board") has approved the following changes to the composition of the committees of the Board, with effect from the date on which the Primary Conversion becomes effective:
Mr. Yuanqing Yang, an independent director of the Company, will be appointed as an additional member of the audit committee of the Board. Following such appointment, the audit committee will comprise Ms. Xiaodan Liu (chairperson), Mr. Jixun Foo and Mr. Yuanqing Yang.
Ms. Xiaodan Liu, an independent director of the Company, will be appointed as an additional member of the corporate governance and nominating committee of the Board. Following such appointment, the corporate governance and nominating committee will comprise Mr. Jixun Foo (chairperson), Mr. Yuanqing Yang and Ms. Xiaodan Liu.
Conference Call Information
Baidu's management will hold an earnings conference call at 8:00 AM on Aug 18, 2026, U.S. Eastern Time (8:00 PM on Aug 18, 2026, Beijing Time).
Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of "Baidu Inc. Q2 2026 Earnings Conference Call". Please follow the steps to enter your registration details, then click "Register". Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.
For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10056174-8o7ckp.html
In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.
Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.
About Baidu
Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, Baidu's and other parties' strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.
Non-GAAP Financial Measures
To supplement Baidu's consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin, adjusted long-term investments and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Baidu's historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company's results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data.
Non-GAAP operating income represents operating income excluding share-based compensation expenses, and amortization and impairment of intangible assets resulting from business combinations.
Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, disposal gain or loss, impairment of long-term investments, and fair value gain or loss of long-term investments and exchangeable bonds, adjusted for related income tax effects. Baidu's share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees' books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.
Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents non-GAAP operating income excluding depreciation of fixed assets, and amortization of intangible assets excluding those resulting from business combinations. Adjusted long-term investments represent long-term investments, net, with publicly listed equity method investments adjusted to fair value based on quoted market prices.
For more information on non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure."
Baidu, Inc.
Condensed Consolidated Statements of Income
(In millions except for per share (or ADS) information, unaudited)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
June 30,
June 30,
2025
2026
2026
2026
2025
2026
2026
RMB
RMB
RMB
US$(2)
RMB
RMB
US$(2)
Revenue
32,713
32,075
31,325
4,617
65,165
63,400
9,344
Costs and expenses:
Cost of revenue(1)
18,357
19,589
19,098
2,815
35,844
38,687
5,702
Selling, general and administrative(1)
5,960
4,912
4,596
677
11,873
9,508
1,401
Research and development(1)
5,119
4,381
4,607
679
9,663
8,988
1,325
Total costs and expenses
29,436
28,882
28,301
4,171
57,380
57,183
8,428
Operating income
3,277
3,193
3,024
446
7,785
6,217
916
Other income:
Interest income
1,957
1,963
1,685
248
4,621
3,648
538
Interest expense
(701)
(636)
(608)
(90)
(1,502)
(1,244)
(183)
Foreign exchange loss, net
(621)
(989)
(1,160)
(171)
(831)
(2,149)
(317)
Share of earnings from equity method investments
694
536
357
53
1,268
893
132
Others, net
3,534
(248)
(90)
(13)
5,794
(338)
(50)
Total other income, net
4,863
626
184
27
9,350
810
120
Income before income taxes
8,140
3,819
3,208
473
17,135
7,027
1,036
Income tax expense
881
528
1,000
147
2,058
1,528
225
Net income
7,259
3,291
2,208
326
15,077
5,499
811
Net income (loss) attributable to noncontrolling interests
(63)
(154)
(111)
(16)
38
(265)
(39)
Net income attributable to Baidu
7,322
3,445
2,319
342
15,039
5,764
850
Earnings per ADS (1 ADS representing 8 Class A ordinary shares):
-Basic
20.90
9.38
6.08
0.90
42.76
15.46
2.28
-Diluted
20.35
8.76
5.74
0.85
41.95
14.50
2.14
Earnings per share for Class A and Class B ordinary shares:
-Basic
2.61
1.17
0.76
0.11
5.35
1.93
0.28
-Diluted
2.54
1.10
0.72
0.11
5.24
1.81
0.27
Weighted average number of Class A and Class B ordinary shares outstanding (in millions):
-Basic
2,720
2,721
2,716
2,716
2,735
2,719
2,719
-Diluted
2,730
2,764
2,755
2,755
2,746
2,760
2,760
(1) Includes share-based compensation expenses as follows:
Cost of revenue
120
82
91
13
197
173
25
Selling, general and administrative
276
190
220
33
589
410
60
Research and development
685
291
398
58
1,046
689
102
Total share-based compensation expenses
1,081
563
709
104
1,832
1,272
187
(2) All translations from RMB to U.S. dollars are made at a rate of RMB6.7851 to US$1.00, the exchange rate in effect as of June 30, 2026 as set forth in the H.10 statistical release
of The Board of Governors of the Federal Reserve System.
Baidu, Inc.
Condensed Consolidated Balance Sheets
(In millions, unaudited)
December 31,
June 30,
June 30,
2025
2026
2026
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
24,606
24,524
3,614
Restricted cash
225
170
25
Short-term investments, net
90,661
141,727
20,888
Accounts receivable, net
12,972
13,493
1,989
Amounts due from related parties
761
721
106
Other current assets, net
22,745
26,729
3,940
Total current assets
151,970
207,364
30,562
Non-current assets:
Fixed assets, net
26,281
28,484
4,198
Licensed copyrights, net
5,963
6,068
894
Produced content, net
14,575
13,903
2,049
Intangible assets, net
3,891
4,997
736
Goodwill
36,783
36,783
5,421
Long-term investments, net
44,918
42,855
6,316
Long-term time deposits and held-to-maturity investments
123,862
74,311
10,952
Amounts due from related parties
167
144
21
Deferred tax assets, net
4,582
4,480
660
Lease right-of-use assets
9,287
18,574
2,737
Other non-current assets
26,878
31,969
4,713
Total non-current assets
297,187
262,568
38,697
Total assets
449,157
469,932
69,259
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Short-term loans
7,626
26,311
3,878
Accounts payable and accrued liabilities
38,846
40,040
5,901
Customer deposits and deferred revenue
13,051
12,819
1,889
Deferred income
531
431
64
Long-term loans, current portion
14,765
2,027
299
Convertible senior notes, current portion
1,459
1
-
Notes payable, current portion
4,560
2,038
300
Amounts due to related parties
1,988
1,818
268
Lease liabilities
3,502
3,631
535
Total current liabilities
86,328
89,116
13,134
Non-current liabilities:
Deferred income
198
152
22
Deferred revenue
723
775
114
Amounts due to related parties
36
25
4
Long-term loans
3,369
20,779
3,062
Notes payable
51,021
46,089
6,793
Convertible senior notes
6,712
6,615
975
Deferred tax liabilities
4,985
5,426
800
Lease liabilities
4,885
5,406
797
Other non-current liabilities
1,174
452
66
Total non-current liabilities
73,103
85,719
12,633
Total liabilities
159,431
174,835
25,767
Redeemable noncontrolling interests
13,166
13,685
2,017
Equity
Total Baidu shareholders' equity
266,330
271,752
40,051
Noncontrolling interests
10,230
9,660
1,424
Total equity
276,560
281,412
41,475
Total liabilities, redeemable noncontrolling interests,
and equity
449,157
469,932
69,259
Baidu, Inc.
Selected Information
(In millions, unaudited)
Three months ended
Three months ended
Three months ended
Three months ended
June 30, 2025 (RMB)
March 31, 2026 (RMB)
June 30, 2026 (RMB)
June 30, 2026 (US$)
Baidu
General
Business
iQIYI
Elim &
adj(2)
Baidu, Inc.
Baidu
General
Business
iQIYI
Elim &
adj(2)
Baidu, Inc.
Baidu
General
Business
iQIYI
Elim &
adj(2)
Baidu, Inc.
Baidu
General
Business
iQIYI
Elim &
adj(2)
Baidu, Inc.
Revenue
26,251
6,628
(166)
32,713
26,001
6,226
(152)
32,075
25,183
6,287
(145)
31,325
3,712
927
(22)
4,617
Costs and expenses:
Cost of revenue(1)
13,214
5,292
(149)
18,357
14,498
5,233
(142)
19,589
13,982
5,250
(134)
19,098
2,062
774
(21)
2,815
Selling, general and administrative(1)
5,018
960
(18)
5,960
4,109
817
(14)
4,912
3,861
744
(9)
4,596
569
110
(2)
677
Research and development(1)
4,697
422
-
5,119
3,978
404
(1)
4,381
4,209
398
-
4,607
620
59
-
679
Total costs and expenses
22,929
6,674
(167)
29,436
22,585
6,454
(157)
28,882
22,052
6,392
(143)
28,301
3,251
943
(23)
4,171
Operating income (loss)
3,322
(46)
1
3,277
3,416
(228)
5
3,193
3,131
(105)
(2)
3,024
461
(16)
1
446
Operating margin
13 %
(1 %)
10 %
13 %
(4 %)
10 %
12 %
(2 %)
10 %
Add: total other income (loss), net
4,925
(62)
-
4,863
654
(28)
-
626
189
(5)
-
184
28
(1)
-
27
Less: income tax expense
854
27
-
881
491
37
-
528
780
220
-
1,000
115
32
-
147
Less: net income (loss) attributable to NCI
11
(1)
(73)[3]
(63)
6
1
(161)[3]
(154)
87
(43)
(155)[3]
(111)
12
(6)
(22)[3]
(16)
Net income (loss) attributable to Baidu
7,382
(134)
74
7,322
3,573
(294)
166
3,445
2,453
(287)
153
2,319
362
(43)
23
342
Net margin
28 %
(2 %)
22 %
14 %
(5 %)
11 %
10 %
(5 %)
7 %
Non-GAAP financial measures:
Operating income (loss) (non-GAAP)
4,385
59
4,445
3,950
(148)
3,807
3,818
(31)
3,785
563
(6)
558
Operating margin (non-GAAP)
17 %
1 %
14 %
15 %
(2 %)
12 %
15 %
(0 %)
12 %
Net income (loss) attributable to Baidu (non-GAAP)
4,792
15
4,795
4,433
(233)
4,332
2,672
(210)
2,573
394
(32)
379
Net margin (non-GAAP)
18 %
0 %
15 %
17 %
(4 %)
14 %
11 %
(3 %)
8 %
Adjusted EBITDA
6,397
94
6,492
6,050
(101)
5,954
6,141
11
6,150
905
-
906
Adjusted EBITDA margin
24 %
1 %
20 %
23 %
(2 %)
19 %
24 %
0 %
20 %
(1) Includes share-based compensation as follows:
Cost of revenue
88
32
120
59
23
82
68
23
91
10
3
13
Selling, general and administrative
238
38
276
161
29
190
194
26
220
29
4
33
Research and development
652
33
685
265
26
291
375
23
398
55
3
58
Total share-based compensation
978
103
1,081
485
78
563
637
72
709
94
10
104
(2) Relates to intersegment eliminations and adjustments
(3) Relates to the net income attributable to iQIYI noncontrolling interests
Baidu, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions,unaudited)
Three months ended
Three months ended
Three months ended
Three months ended
June 30, 2025 (RMB)
March 31, 2026 (RMB)
June 30, 2026 (RMB)
June 30, 2026 (US$)
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Net cash provided by (used in) operating
activities
(864)
(13)
(877)
2,484
186
2,670
3,096
340
3,436
456
50
506
Net cash provided by (used in) investing activities
(8,428)
(113)
(8,541)
5,217
(275)
4,942
(26,217)
(246)
(26,463)
(3,864)
(36)
(3,900)
Net cash provided by (used in) financing activities
(8,688)
(465)
(9,153)
(702)
(933)
(1,635)
17,606
(201)
17,405
2,595
(30)
2,565
Effect of exchange rate changes on cash, cash
equivalents and restricted cash
(210)
(28)
(238)
(241)
(35)
(276)
(208)
(8)
(216)
(30)
(1)
(31)
Net increase (decrease) in cash, cash
equivalents and restricted cash
(18,190)
(619)
(18,809)
6,758
(1,057)
5,701
(5,723)
(115)
(5,838)
(843)
(17)
(860)
Cash, cash equivalents and restricted cash
At beginning of period
45,118
4,758
49,876
20,453
4,378
24,831
27,211
3,321
30,532
4,010
489
4,499
At end of period
26,928
4,139
31,067
27,211
3,321
30,532
21,488
3,206
24,694
3,167
472
3,639
Net cash provided by (used in) operating
activities
(864)
(13)
(877)
2,484
186
2,670
3,096
340
3,436
456
50
506
Less: Capital expenditures
(3,779)
(21)
(3,800)
(5,839)
(77)
(5,916)
(11,370)
(20)
(11,390)
(1,676)
(3)
(1,679)
Free cash flow
(4,643)
(34)
(4,677)
(3,355)
109
(3,246)
(8,274)
320
(7,954)
(1,220)
47
(1,173)
Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash flows.
Baidu, Inc.
Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures
(In millions except for per ADS information, unaudited)
Three months ended
Three months ended
Three months ended
Three months ended
June 30, 2025 (RMB)
March 31, 2026 (RMB)
June 30, 2026 (RMB)
June 30, 2026 (US$)
Baidu
General
Business
iQIYI
Baidu,
Inc.
Baidu
General
Business
iQIYI
Baidu,
Inc.
Baidu
General
Business
iQIYI
Baidu,
Inc.
Baidu
General
Business
iQIYI
Baidu,
Inc.
Operating income (loss)
3,322
(46)
3,277
3,416
(228)
3,193
3,131
(105)
3,024
461
(16)
446
Add: Share-based compensation expenses
978
103
1,081
485
78
563
637
72
709
94
10
104
Add: Amortization and impairment of intangible assets resulting from business combinations
85
2
87
49
2
51
50
2
52
8
-
8
Operating income (loss) (non-GAAP)
4,385
59
4,445
3,950
(148)
3,807
3,818
(31)
3,785
563
(6)
558
Add: Depreciation of fixed assets and amortization of intangible assets(1)
2,012
35
2,047
2,100
47
2,147
2,323
42
2,365
342
6
348
Adjusted EBITDA
6,397
94
6,492
6,050
(101)
5,954
6,141
11
6,150
905
-
906
Net income (loss) attributable to Baidu
7,382
(134)
7,322
3,573
(294)
3,445
2,453
(287)
2,319
362
(43)
342
Add: Share-based compensation expenses
977
103
1,024
484
78
519
636
72
669
94
11
99
Add: Amortization and impairment of intangible assets resulting from business combinations
83
2
84
47
2
48
48
2
49
7
-
7
Add: Disposal gain
(262)
-
(267)
(2)
-
(2)
(26)
-
(26)
(4)
-
(4)
Add: Impairment of long-term investments
101
26
113
79
9
83
464
-
464
68
-
68
Add: Fair value loss (gain) of long-term investments and exchangeable bonds
(3,317)
18
(3,309)
378
(28)
365
(1,073)
3
(1,072)
(158)
-
(158)
Add: Reconciling items on equity method investments(2)
(121)
-
(121)
(44)
-
(44)
82
-
82
12
-
12
Add: Tax effects on non-GAAP adjustments(3)
(51)
-
(51)
(82)
-
(82)
88
-
88
13
-
13
Net income (loss) attributable to Baidu (non-GAAP)
4,792
15
4,795
4,433
(233)
4,332
2,672
(210)
2,573
394
(32)
379
Diluted earnings per ADS
20.35
8.76
5.74
0.85
Add: Accretion of the redeemable noncontrolling interests
0.64
0.74
0.74
0.11
Add: Non-GAAP adjustments to earnings per ADS
(7.41)
2.56
0.74
0.10
Diluted earnings per ADS (non-GAAP)
13.58
12.06
7.22
1.06
(1) This represents amortization of intangible assets excluding those resulting from business combinations.
(2) This represents Baidu's share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee's books, accretion of their redeemable noncontrolling interests,
and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.
(3) This represents tax impact of all non-GAAP adjustments.
David Tepper‘s latest portfolio moves suggest the billionaire investor isn’t walking away from China—but he’s becoming far more selective about where he wants exposure. Appaloosa Management trimmed its stake in Alibaba Group Holding Ltd (NYSE:BABA), exited JD.com, Inc. (NASDAQ:JD) and PDD Holdings Inc. (NASDAQ:PDD) entirely, while adding to Baidu, Inc. (NASDAQ:BIDU) signaling a shift away from broad-based China bets toward companies Tepper appears more willing to back.
David Tepper Trims Alibaba While Exiting JD.com and PDDAppaloosa’s second-quarter Form 13F shows Tepper reduced his Alibaba position by roughly 12% while completely exiting holdings in e-commerce giants JD.com and PDD Holdings. The fund also sold out of the KraneShares CSI China Internet ETF (NYSE:KWEB), eliminating another avenue for broad exposure to Chinese internet stocks.
The moves stand out because Tepper has long been viewed as one of Wall Street’s more vocal investors in China. Rather than abandoning the market altogether, however, the latest filing points to a narrower investment approach, with capital concentrated in fewer names rather than spread across the broader sector.
It’s worth noting that 13F filings are a snapshot of holdings as of June 30, 2026, and don’t reflect any portfolio changes Appaloosa may have made after the quarter ended.
Baidu Emerges as Tepper’s Preferred China BetWhile reducing exposure elsewhere, Appaloosa increased its stake in Baidu by approximately 14%, making it one of the few China-related positions to grow during the quarter.
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The filing doesn’t reveal why Tepper favored Baidu over other Chinese technology companies. 13F filings only disclose holdings—not the reasoning behind them.
Still, the combination of a larger Baidu position alongside exits from JD.com, PDD and KWEB suggests Appaloosa is differentiating among individual businesses rather than making a broad call on China’s equity market.
The portfolio changes came during a broader reshuffling that saw Appaloosa reduce its disclosed holdings from 31 to 27 while increasing the portfolio’s reported value to about $7.7 billion from $5.9 billion, reflecting greater concentration within the fund.
What Investors Should Watch NextTepper’s China exposure hasn’t disappeared—it has become more focused. Future regulatory filings will show whether Appaloosa continues consolidating around a handful of Chinese companies or rebuilds broader exposure if sentiment toward the country’s equity market improves.
For investors tracking Tepper’s moves, the latest filing suggests stock selection, rather than a blanket view on China, is increasingly driving his positioning.
Baidu, Inc. (BIDU) is downgraded to a Buy, as my bullishness is tempered by ongoing struggles in its core advertising business and declining margins. AI-native marketing and cloud infrastructure are growing rapidly, but legacy advertising revenue declines outpace these gains, raising sustainability concerns. Apollo Go's international expansion and steady ride growth offer a promising new revenue stream, but are not yet sufficient to offset core business weakness.
