Technology Sector Review: Baidu and Chinese Internet Stocks Gain Demand
Super Micro Computer, Inc (NASDAQ:SMCI): Due to ongoing supply chain issues stemming from the flooding in Thailand, SMC says FQ2 earnings will miss estimates. Earnings are now expected come in at or below $0.25 per share, missing analysts’ estimates of $0.29 and its previous projections of $0.27. The shares closed at $16.06, down $0.56, or 3.37%, on the day. Its market capitalization is $650.10 million.
Baidu.com, Inc. (NASDAQ:BIDU): A government agency claims that China had a massive 505M Internet users as of the end of November. Yet, this still only represents a penetration rate of 37.7%. In October, Barclays stated Chinese Internet users utilize a larger portion of their leisure time surfing the web than watching TV. The number of users on microblogging platforms such as SINA’s (NASDAQ:SINA) Weibo is said to have passed 300M. The shares closed at $128.19, up $1.31, or 1.03%, on the day. Its market capitalization is $44.74 billion.