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Baidu Beats Estimates, Management Calls It A 'Tough Quarter'

Baidu Inc (ADR) BIDU 0.08% released its Q2 results after market close on Thursday. Earnings Per Share came in above Wall Street consensus expectations.

Baidu reported EPS of $1.22 and revenues of $2.74 billion. Analyst consensus had an EPS estimate of $0.94 and revenues of $2.59 billion. Mobile search monthly active users (MAUs) were 667 million for the month of June 2016, an increase of 6 percent year-over-year.

Experts such as Citigroup's Alicia Yap thought Baidu would "meet its revised revs guidance range, we believe the earnings variation will depend on whether there is any cutback of discretionary spending." Baidu saw Q2 sales growth of 21.3 percent to 24.2 percent during its Q1 earnings report.

"The challenges Baidu faced in the second quarter served as a healthy reminder to stay focused on the key drivers of growth, sustainability and leadership: delivering the best user experience and staying at the forefront of technology," said Robin Li, Chairman and CEO of Baidu.

"As we enter the next chapter of the Internet, led by artificial intelligence, Baidu has never been better positioned to serve our users and work with our customers and partners, and change the world through technology," stated Li.

Baidu expected Q3 revenues somewhere between $2.714 billion $2.796 billion, representing a decrease of 1.9 percent to an increase of 1.1 percent, year-over-year. On an apples-to-apples basis, excluding Qunar from Baidu's financials, the guidance represents a 5.4 percent to 8.6 percent year-over-year increase.

© 2016 Benzinga does not provide investment advice. All rights reserved.