Q2 results beat consensus. As I expected, Baidu (BIDU) reported strong 2Q10 earnings on July 21. In Q2, Baidu generated $282.3 million revenue, beating guidance of $268.1-274.0 million, Wall Street consensus of 276.7 million, and my estimate of $280 million. GAAP EPS came in at $0.35, above consensus of $0.31 and my estimate of $0.33. The outperformance was mainly due to Baidu's quarterly customer net adds reaching an all-time high of 33,000 and lower-than-expected traffic acquisition cost boosting profit margins.
Q3 guidance in line with actual growth in 3Q08 and 3Q09. For 3Q10, Baidu guided revenue of
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Madoff who?
16 years ago
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