Tiger Brokers

BUZZ-Baidu's HK shares falls to 4-week low after Q1 results

Reuters
May 22
BUZZ-Baidu's HK shares falls to 4-week low after Q1 results

** HK shares of Baidu 9888.HK fall 3.3% to HK$83.3, lowest since April 23

** Stock set for biggest one-day pct drop since April 7; second biggest pct loser on Hang Seng Index .HSI

** U.S.-listed stock BIDU.O fell 4.3% on Wednesday

** Co posts 18% y/y slide in Q1 operating income, 13% y/y drop in adjusted EBITDA; total revenue up 3% y/y

** Says U.S. export controls on semiconductors won't impact its AI development significantly, citing access to domestic alternatives

** Nomura retains "neutral", saying co beat Q1 estimates, but 2Q outlook disappoints

** Jefferies maintains "buy"; trims PT to $120 from $128

** YTD, HK stock up 1.2%, U.S. shares up 1.4%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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