Baidu's 2017 Guidance Disappoints. Struggling with Weak Revenue and High Costs. Recovery Delayed.

BAIDU Stresses Technological Prowess, but Profitability Lags

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Equity Bottom-Up

<p>We last wrote on <a href="https://www.smartkarma.com/entities/179" target="_blank" data-smartkarma-citation="entities:179:1">Baidu (BIDU US)</a> in September following the Baidu World Conference. This was our summary then,</p><blockquote><p>Baidu is struggling. It has been negatively affected by the spending shift towards social network whilst the heightened regulatory scrutiny on P4P advertising has impacted top-line growth and makes us more cautious on the company. We think the message on technology is a positive one but there is little near-term upside from this. Over the longer term, the potential for monetization…</p></blockquote>

We last wrote on Baidu (BIDU US) in September following the Baidu World Conference. This was our summary then,Baidu is struggling. It has been negatively affected by the spending shift towards social network whilst the heightened regulatory scrutiny on P4P advertising has impacted top-line growth and makes us more cautious on the company. We think the message on technology is a positive one but there is little near-term upside from this. Over the longer term, the potential for monetization…

Baidu

Baidu's 3Q16 Results