Baidu beats third-quarter forecasts but Wall Street wants more
Baidu shares are down more than 10% in after-hours trading today after the Chinese search-engine titan reported third-quarter earnings that were twice what analysts had projected, but said that the next quarter will fall short of expectations.
The company said that, in the fourth quarter, revenue will rise to $3.52 billion, short of the $3.76 billion that analysts have forecast, Reuters reports. In the third quarter, Baidu said its adjusted earnings were $3.89 a share, compared with analyst exceptions of $1.96.
Baidu is part of the Big Tech circle of global companies that are perceived to be building dominant positions in the technologies of the future, including artificial intelligence.