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2025-07-17 10:52:00 The transformation of AI search casts a greater negative impact on BIDU-SW (09888.HK)(BIDU.US)'s ad revenue than anticipated, Citi said in its report. The forecast for Baidu's core ad revenue for 2Q/ 3Q/ FY2025 was revised down by 6.1%/ 8.9%/ 5.4%, respectively, with ad revenue expected to decline by 15.5%/ 18%/ 12.8% YoY. Due to the immense negative impact on high-margin ad revenue, the forecast for core operating profit for 2Q/ 3Q/ FY2025 was reduced by 21%/ 24%/ 15%. However, the broker upheld its prediction of a 25% YoY growth in Baidu's AI cloud revenue for 2Q, reflecting stable cloud demand. Citi maintained a Buy rating on Baidu, raising the target price for its US stocks from US$138 to US$140. ~ AASTOCKS Financial News Website: www.aastocks.com | |