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Baidu Inc ADR BIDU Stock Quote

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Morningstar‘s Stock Analysis BIDU

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Is it the right time to buy or sell?

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Baidu Ad Revenue Declines in Q2 2022, but Cloud Growth Robust and Intact as Key Long-Term Driver

Kai Wang, CFA Senior Equity Analyst

Analyst Note

| Kai Wang, CFA |

We maintain our fair value estimate of USD 183 for Baidu as we believe the company’s long-term catalysts and drivers remain intact. Baidu’s share price fell after the company reported second-quarter 2022 revenue of CNY 29.6 billion which was 2% better than our estimate, but represents a 5% decline. The decline was driven by Baidu core’s online marketing revenue, which fell 10% year on year due to lockdown headwinds, which reflects ongoing macro soft demand for advertising in China. In addition, the company did not have visibility into third-quarter advertising revenue and is still seeing softness in the ad industry.

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Key Statistics BIDU

Company Profile BIDU

Business Description

Baidu is the largest internet search engine in China with 84% share of the search engine market in September 2021 per web analytics firm, Statcounter. The firm generated 62% of revenue from online marketing services from its search engine in 2020. Outside its search engine, Baidu is a technology-driven company and its other major growth initiatives are artificial intelligence cloud, video streaming services, voice recognition technology, and autonomous driving.

No. 10 Shangdi 10th Street, Baidu Campus, Haidian District
Beijing, 100085, China, People's Republic of
T +86 1059928888
Industry Internet Content & Information
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 45,500

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