China’s Baidu Misses Expectations As Net Profit Crashes 18.9%

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Chinese search engine company Baidu published its unaudited financial report for the first quarter ended March 31, 2016, stating that its total operating revenue reached CNY15.821 billion, which was about USD2.454 billion and a year-on-year increase of 24.3%. But its net profit decreased by 18.9% year-on-year to CNY1.987 billion, which was about USD308.1 million.

Based on the average expectations of Wall Street analysts and calculated by GAAP, Baidu's expected earnings per share was CNY5.96. The financial report showed that Baidu's earnings per share was CNY5.38 during the first quarter of 2016, which failed to meet the expectations. Meanwhile, based on the average expectations of Wall Street analysts, Baidu's expected operating revenue was CNY15.83 billion. The financial report showed that Baidu's operating revenue was CNY15.821 billion during the ...

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