Baidu stock fell 3% despite upbeat quarterly figures

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Baidu (BIDU.US) stock fell over 3% despite the fact that the Chinese technology company posted better-than-expected quarterly earnings. Baidu reported non-GAAP earnings of $3 per share, well above market expectations of $1.98 per share. Revenues of $4.16 billion came in line with analysts' forecasts as ad spending on company’s internet search platform rebounded from a slump caused by Covid-19 lockdowns. Baidu will also acquire streaming platform YY Live from social media company JOYY for about $3.6 billion. Deal is expected to be finalized in the first half of 2021. “This transaction will catapult Baidu into a leading platform for live streaming and diversify our revenue source" said Robin Li, co-founder and CEO of Baidu. Company also provided guidance for the fourth quarter. Baidu expects revenues in range between $4.2 billion and $4.6 billion, representing a growth rate of -1% to 8% year over year. Consensus estimates call for revenue of $4.4 billion.

Baidu (BIDU.US) - yesterday buyers failed to break above the major resistance at $150.69 and price pulled back. Today stock launched session with a bearish price gap and is approaching local support at $140.00. In case of a break below occur, then downward move may accelerate towards next support at $130.50 which is additionally strengthened by 50 SMA (green line) and the upward trendline. Source: xStation5

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