BEIJING, Jan. 31, 2020 /PRNewswire/ -- Baidu,
Inc. (NASDAQ: BIDU) ("Baidu" or the "Company"), the leading Chinese
language Internet search provider, today announced that the
reporting date for its unaudited financial results for the fourth
quarter and fiscal year ended December 31,
2019 has been revised to February 27,
2020, and it has updated its guidance for the fourth quarter
of 2019 below.
Baidu has revised the date to announce its unaudited financial
results for the fourth quarter and fiscal year of 2019, due to the
evolving situation brought upon by the outbreak of the novel
coronavirus in China. To help
control the epidemic, the Company is taking precautionary measures,
including extending its employees' Chinese New Year holiday, which
was originally scheduled from January 24,
2020 to January 30, 2020, and
requesting employees to work from home for a time period after the
holiday.
In light of the evolving situation, Baidu has revised the
reporting date for its unaudited financial results for the fourth
quarter and fiscal year ended December 31,
2019, to after the U.S. market closes on February 27, 2020. Baidu's management will
hold an earnings conference call at 8:15 PM on February 27, 2020, U.S. Eastern Time
(9:15 AM on February 28, 2020, Beijing/Hong Kong Time). The revised date
would give the Company more time to observe the business condition
for the first quarter of 2020.
Financial Guidance
For the fourth quarter 2019, Baidu expects revenue to be in the
range of RMB 28.3 billion
($4.06 billion) to RMB 28.9 billion ($4.15 billion)[1], increasing 4% to
6% year over year, compared to its previous guidance in the
range of RMB 27.1 billion to
RMB 28.7 billion, or -1% to 6%
increase year over year. This forecast assumes that Baidu Core
revenue will grow between 4% to 6% year over year, compared to the
previous guidance between 0% to 6% year over year.
In addition, Baidu expects net income attributable to
Baidu to be in the range of RMB
6.2 billion ($0.89 billion) to RMB
6.7 billion ($0.97 billion), which assumes that net
income attributable to Baidu Core will grow between 83% to 90% year
over year. Baidu also expects non-GAAP net income attributable to
Baidu to be in the range of RMB
8.9 billion ($1.28
billion) to RMB
9.4 billion ($1.36 billion), which assumes that non-GAAP
net income attributable to Baidu Core will grow between 50% to 55%
year over year. Reconciling items from non-GAAP financial measure
to GAAP measure are discussed below in the "Non-GAAP Financial
Measure" section.
The above forecast reflects Baidu's current and preliminary
view, which is subject to substantial uncertainty.
Conference Call Information
Baidu's management will hold an earnings conference call
at 8:15 PM on February 27, 2020,
U.S. Eastern Time (9:15 AM on
February 28, 2020, Beijing/Hong Kong Time). Dial-in details for
the earnings conference call are as follows:
International:
|
+65
67135090
|
China
|
4006208038
|
US:
|
+1
8456750437
|
UK:
|
+44
2036214779
|
Hong Kong:
|
+852
30186771
|
|
|
Passcode for all
regions:
|
1571908
|
A replay of the conference call may be accessed by phone at the
following number until March 6,
2020:
International:
|
+61 2 8199
0299
|
Passcode:
|
1571908
|
Additionally, a live and archived webcast of this conference
call will be available at http://ir.baidu.com.
[1] This
announcement contains translations of certain RMB amounts into U.S.
dollars at specified rates solely for the convenience of the
reader. Unless otherwise noted, all translations from RMB to U.S.
dollars are made at a rate of RMB6.9618 to US$1.00, the exchange
rate in effective as of December 31, 2019 as set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve System.
|
About Baidu
Baidu, Inc. is the leading Chinese language Internet search
provider. Baidu aims to make the complicated world simpler through
technology. Baidu's ADSs trade on the NASDAQ Global Select Market
under the symbol "BIDU". Currently, ten ADSs represent one Class A
ordinary share.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "forecast," "confident" and similar
statements. Among other things, the outlook for the fourth quarter
2019 in this announcement contains forward-looking
statements. Baidu may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts,
including statements about Baidu's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement. Further information
regarding these and other risks is included in our annual report on
Form 20-F and other documents filed with the Securities and
Exchange Commission. Baidu does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law. All information provided in
this press release is as of the date of the press release,
and Baidu undertakes no duty to update such information,
except as required under applicable law.
Non-GAAP Financial Measure
Non-GAAP net income attributable to Baidu represents net income
attributable to Baidu excluding share-based compensation expenses,
amortization and impairment of intangible assets resulting from
business combinations, disposal gain or loss, impairment of
long-term investments, fair value change of long-term investments,
adjusted for related income tax effects. Baidu's share of equity
method investments for these non-GAAP reconciling items,
amortization of intangible assets not on the investees' books,
accretion of their redeemable noncontrolling interests, and the
gain or loss associated with the issuance of shares by the
investees at a price higher or lower than the carrying value per
shares, adjusted for related income tax effects, are also
excluded.
For investor and media inquiries, please contact:
Investors Relations, Baidu, Inc.
Tel: +86-10-5992-8888
Email: ir@baidu.com
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SOURCE Baidu, Inc.