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<Research>CMBI Chops Baidu (BIDU.US) TP to US$153.6; Focus on Ad Revenue Growth Recovery
Recommend 2 Positive 4 Negative 6 |
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According to a CMBI report, Baidu (BIDU.US)'s 3Q24 total revenue amounted to RMB33.6 billion, meeting both the broker's and the market's expectations, while its non-GAAP net profit, after excluding a one-time foreign exchange loss of RMB1.1 billion, came in at RMB7 billion, above the market expectation of RMB6.2 billion. Benefiting from more optimized R&D spending than anticipated, the non-GAAP operating profit of Baidu's core business reached RMB6.7 billion, exceeding the broker's and the market's expectations by 1% and 4% respectively. Concerned about the recovery pace of Baidu's advertising revenue growth, the broker lowered its target price for the company's US shares by 7% from US$164.8 to US$153.6, reflecting adjustments to expectations for advertising revenue growth recovery, though the rating was still kept at Buy. AAStocks Financial News |
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