Baidu reported a 25% rise in revenues to CNY 28.1bn ($4.3bn) YoY. Revenues from Baidu Core were CNY 20.5bn ($3.1bn), up 34% YoY, online marketing revenue was CNY 16.3bn ($2.5bn), up 27% YoY and non-marketing revenue was CNY 4.2bn ($646mn), up 70% YoY, driven by cloud and other services. Revenue from video platform iQIYI was CNY 8bn ($1.2bn), increasing 4% YoY. Net income was at CNY 25.7bn ($3.9bn), boosted by gains in the value of long-term investments, including in recently listed Kuaishou Technology. Baidu has guided for 2Q2021 revenues to be between CNY 29.7bn – CNY 32.5bn ($4.5-5bn), a growth of 14% to 25% YoY.
Baidu’s bonds were flat – its 3.5% 2022s at 104, yielding 0.8% and its 3.425% 2030s at 105.8, yielding 2.7%.
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