U.S. stocks were in the red on Tuesday. The Dow Jones Industrial Average declined 0.66% to 25,962, the S&P 500 index fell 0.79% to 2,900 and the Nasdaq Composite Index slid 0.68% to 7,949.
Shares of Baidu Inc. (NASDAQ:BIDU) gained more than 4% after announcing second-quarter results. The company posted earnings of $1.47 per share on $3.84 billion in revenue, reflecting 1.1% growth from the prior-year quarter. The company beat earnings estimates by 55 cents and revenue expectations by $120 million.
The operating income was 233 million yuan ($31.5 million), while the operating margin was 1%. The operating income for Baidu Core was 2.1 billion yuan, and the operating margin was 11%.
Further, the non-GAAP operating income was 2.0 billion yuan, and the non-GAAP operating margin was 7%.The non-GAAP operating income for Baidu Core was 3.5 billion yuan, and the non-GAAP operating margin was 18%.
Moreover, the adjusted earnings before interest, taxes, depreciation and amortization was 3.4 billion yuan and the adjusted Ebitda margin was 13%.
Looking ahead to the third quarter, the company expects revenue to be between 26.9 billion yuan and 28.5 billion yuan.
During the quarter ended June 30, the Tweedy Browne (Trades, Portfolio) Global Value Fund boosted its stake by 74.2% to 1,356,297 shares. Steven Romick (Trades, Portfolio) reduced his holding by 1.5% to 1,791,516 shares. The Matthews Pacific Tiger Fund (Trades, Portfolio) and Jim Simons (Trades, Portfolio)’ Renaissance Technologies sold out of the stock.
The main European stock markets traded in the red. The U.K.’s FTSE 100 declined 0.90%, France’s CAC 40 dipped 0.50%, Germany’s Dax fell 0.55% and Spain’s IBEX 35 retreated 1.32%.
In Asia, Japan’s Nikkei 225 gained 0.36%, India’s BSE Sensex lost 0.20%, Hong Kong’s Hang Seng fell 0.23% and China’s Shanghai Composite slid 0.11%.
Disclosure:The author holds no positions in any stocks mentioned.
Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here.
Also check out: