HomeTechBaidu reports third-quarter revenue above estimates

Baidu reports third-quarter revenue above estimates


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A sign of Baidu is pictured at the company’s headquarters in Beijing, China March 16, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing Rights

Nov 21 (Reuters) – China’s Baidu (9888.HK) 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

Our Standards: The Thomson Reuters Trust Principles.

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