Shares of Baidu (NASDAQ: BIDU) gained in pre-market trading on Wednesday after the Chinese tech giant reported adjusted earnings per diluted ADS of $2.21, an increase of 31% year-over-year in Q4 beating analysts’ consensus estimate of $2.01.
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However, revenues in the fourth quarter remained flat year-over-year at $4.8 billion but surpassed analysts’ expectations of $4.68 billion.
In addition, the company also announced a stock buyback program of $5 billion effective through December 31, 2025. Adjusted EBITDA soared by 43% year-over-year to $1.19 billion.
Overall, Wall Street analysts remain cautiously optimistic about BIDU stock with a Moderate Buy consensus rating based on 14 Buys, five Holds and one Sell.