Baidu Reports Third-Quarter Revenue Above Estimates

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By usawebstories

(Reuters) – China’s Baidu on Tuesday beat third-quarter revenue estimates, helped by strength in advertising.

Revenue for the quarter ended Sept. 30 was 34.45 billion yuan ($4.72 billion), compared with analysts’ estimate of 34.33 billion yuan, according to LSEG data.

Advertisers are increasing their spending on online services as the Chinese economy shows sings of recovery.

China’s economy is set to grow 5.4% this year, the International Monetary Fund said earlier this month, making an upward revision to its earlier forecast of 5% growth.

U.S.-listed shares of Baidu were marginally up in premarket trading.

($1 = 7.21 Chinese yuan renminbi)

(Reporting by Yuvraj Malik in Bengaluru and Yelin Mo in Beijing; Editing by Varun H K)

Copyright 2023 Thomson Reuters.

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