0745 GMT - Baidu's advertising business recovery will likely align with China's potential macroeconomic recovery in 2025-2026, says Morningstar analyst Kai Wang. Despite mounting concerns of Baidu's "continued lack of visibility of recovery," Baidu offsets advertising weakness with cost controls, the analyst notes. A bright spot of the company's 3Q results was Baidu's core adjusted operating margin, which beat market expectations, Morningstar notes. While macro conditions weigh on Baidu's shares, Morningstar's investment thesis remains intact, expecting Baidu to maintain long-term dominance in China's search engine industry, he says. Baidu's shares are last 1.9% higher at HK$78.10. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
November 25, 2024 02:45 ET (07:45 GMT)
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