China’s Baidu delays earnings date on coronavirus fears

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FILE PHOTO: Baidu’s brand is pictured on the 2018 Baidu World convention and exhibit to showcase its newest AI expertise in Beijing, China, November 1, 2018. REUTERS/Jason Lee

(Reuters) – China’s Baidu Inc (BIDU.O) mentioned on Friday it was delaying the announcement of its fourth-quarter outcomes and suggested its workers within the nation to do business from home for a time interval after the Lunar New 12 months vacation because of the latest outbreak of a brand new coronavirus.

The corporate, which postponed the announcement date by greater than two weeks to Feb. 27, mentioned the revised date would give it extra time to look at the enterprise situation for the primary quarter of 2020.

The virus, which originated within the Chinese language metropolis of Wuhan, has unfold internationally and prompted many firms to shut shops and limit journey to and from the nation. The fast-spreading virus has killed over 200 folks.

Baidu, whose search engine dominates the market in China, mentioned it now expects fourth-quarter income in a spread of 28.three billion yuan ($4.10 billion) to 28.9 billion yuan, in contrast with its earlier forecast of 27.1 billion yuan to 28.7 billion yuan.

Shares of Baidu had been up about 5% in prolonged buying and selling.

($1 = 6.9040 Chinese language yuan renminbi)

Reporting by Akanksha Rana in Bengaluru; Modifying by Maju Samuel

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