Baidu slips as CEO missing from Xi meeting, Q4 beat

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 18 February 2025

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

Earnings Snapshot: Baidu (BIDU) Q4 beats top-line and bottom-line estimates. (00:26) OpenAI (MSFT) said to mull special voting rights to block hostile bids. (01:34) Southwest (LUV) expands cost-cutting by announcing 15% reduction in corporate overhead workforce. (02:17)

Episode transcripts seekingalpha.com/wsb.

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Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.
0:08.1	Good morning. Today is Tuesday, February 18th. I'm Julie Morgan. By due reported earnings today pre-market.
0:16.7	Open AI is reportedly considering special voting rights, and Southwest Airlines is making even more cost cuts.
0:25.7	Baidu reported earnings today ahead of market open, beating top line and bottom line estimates for Q4.
0:32.3	By due non-gap EPADs of $2.63 beats by 78 cents. Revenue of 4.67 billion beats by 70 million.
0:42.3	Ahead of the reporting, chairs of Baidu and Hong Kong fell about 7% on Monday after CEO Robin
0:49.2	Lee was not seen at a meeting between China's President Xi Jinping and top corporate executives,
0:55.5	according to Reuters. Shares fail as much as 8.8% before closing down 6.94% in Hong Kong.
1:03.6	Baidu lost about $2.4 billion in market value on Monday, according to the report.
1:09.7	shares closed 0.4% higher on Tuesday.
1:13.5	China's president held a meeting in Beijing with the company's top industry tycoons,
1:18.5	including Alibaba's founder, Jack Ma, and the CEO of Huawei. However, there was no sign of
1:24.3	Lee attending the meetings, the report added, citing two sources.
1:28.4	Baidu did not immediately respond to a request for comment from seeking Alpha.
1:34.1	OpenAI is weighing special voting rights for its nonprofit board to preserve its director's
1:39.8	decision-making power. If granted, the special voting rights would allow the nonprofit board to
1:45.7	overrule major OpenAI investors like Microsoft and SoftBank. Sources told the Financial Times
1:52.4	that the special voting rights are among new governance measures being evaluated by OpenAI
1:58.2	CEO Sam Altman and board members as the company transitions to a for-profit structure.
2:04.3	OpenAI last week turned down a $97.4 billion takeover offer by a group led by Elon Musk,
2:11.3	who co-founded the company in 2015 but chose to leave in 2018.
2:16.6	After announcing a couple of decisions in January, including reducing pilot head count at a
	...

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