r/baidu, the Google of China, said ad spending would be hit by Beijing's ongoing crackdown on the tech sector, sending China-listed shares lower. posted third quarter earnings of 14.66 Chinese yuan per share, with revenues rising 13% from last year to $31.9 billion yuan ($5 billion). Looking into the final months of the year, which will include sales from the early November 'Singles' Day' shopping event, Baidu said revenues would remain largely flat, with a midpoint of $4.8 billion, as ad sales slow amid Beijing's recent restrictions on the tech sector.
r/Alibaba fell near 5.5% in premarket trading Thursday. The stock has declined almost 30% this year amid a broad crackdown by Beijing on Chinese technology companies. We'll check r/baba and BIDU , their PE, and my outlook for the next few months and years.
This companies are undervalued in my opinion and its a good time to buy Alibaba and a good time to buy Baidu. The market in general seems more green today than yesterday.
The r/crypto market continues its fall and bitcoin positions itself below the 60000 dollar barrier.
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