花旗表示，在第四季度，虽然广告支出人气可能会好转，但百度的核心广告收入仍将面临压力，新产品推动增长需要时间。Citigroup analysts stated in a research report that Baidu's third-quarter revenue may be lower than previously expected. They now expect the company's third-quarter core advertising revenue to decrease by 4.1% year-on-year, compared to the previous expectation of a 3.5% decline.
They mentioned that Baidu's third-quarter profit margin may also face pressure. Citigroup lowered its expected third-quarter core adjusted operating profit for Baidu by 13%.
Citigroup mentioned that reasons for the downward revision of expectations include weak advertising revenue, ai search monetization not yet realized, and so on.
Citigroup stated that in the fourth quarter, although advertising spending sentiment may improve, Baidu's core advertising revenue will still face pressure, and new product-driven growth will take time.
Citigroup maintains a buy rating on Baidu's stocks, but lowered Baidu's ADR target price from $144 to $143. Baidu's ADR closed at $91.62 on the previous trading day. Baidu's Hong Kong stocks fell by 3.0% to HK$88.25.
