Baidu Group reported second-quarter results on Aug. 18 that came in below market expectations. Revenue for the quarter was 31.33 billion yuan, versus a consensus estimate of 31.59 billion yuan. The company also said core AI new business revenue reached 12.5 billion yuan in the second quarter. Adjusted earnings per ADS came in at 7.22 yuan, missing the expected 9.75 yuan.
Alongside the earnings release, Baidu said it is advancing work related to its conversion to a dual primary listing in Hong Kong, with the change expected to take effect within the year. Market reaction was negative. According to pricing data from BIT (bit.com), Baidu shares were down more than 5% in U.S. premarket trading.
The update combines weaker-than-expected quarterly figures with a capital markets move that Baidu said is still on track for completion this year.
Baidu Group reported its second-quarter results on Aug. 18, posting revenue of 31.33 billion yuan, below the 31.59 billion yuan estimate.
The company said revenue from its core AI new business totaled 12.5 billion yuan in the second quarter. Adjusted earnings per ADS were 7.22 yuan, compared with an expected 9.75 yuan.
Baidu also said it is pushing forward with its conversion to a dual primary listing in Hong Kong, which it expects to become effective within the year.
According to market data from BIT (bit.com), Baidu shares fell more than 5% in U.S. premarket trading.
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