Baidu.com (NASDAQ:BIDU) shares fell 9.3% in Tuesday morning trading after the Chinese tech giant reported second-quarter results that missed analyst estimates on revenue, earnings and net income.
Revenue for the quarter came in at RMB31.3 billion, below the RMB31.96 billion analysts had expected and down 2% quarter-over-quarter. Non-GAAP earnings per ADS came in at RMB7.22, missing estimates of RMB9.92.
Net income totaled RMB2.3 billion, short of the RMB3.42 billion analysts had forecast, while adjusted EBITDA reached RMB6.2 billion, ahead of the RMB5.79 billion estimate.
By segment, Baidu's core business generated RMB25.2 billion in revenue, down 4% year-over-year. AI Cloud infrastructure revenue rose 50% year-over-year to RMB7.3 billion. Streaming platform iQIYI contributed RMB6.3 billion, up 1% quarter-over-quarter.
Adjusted EBITDA margin for the quarter was 20%, GAAP earnings per ADS were RMB5.74, and net margin stood at 7%.
