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China’s Baidu Beats Quarterly Income Estimates on Advert Restoration, Cloud Demand

Chinas Baidu Beats Quarterly Revenue Estimates on Ad Recovery Cloud Demand

(Reuters) – China’s Baidu beat analysts’ estimates for first-quarter income on Thursday, pushed by a restoration in promoting gross sales and better demand for its cloud merchandise.

The corporate reported income of 31.51 billion yuan ($4.37 billion) for the three months ended March 31, in comparison with analysts’ common estimate of 31.21 billion yuan as per LSEG knowledge.

U.S.-listed shares of the corporate rose about 3% in premarket commerce.

Income from Baidu Core, which incorporates its search-based advert gross sales, cloud choices and autonomous driving initiatives, grew 4% to 23.8 billion yuan.

In the meantime, income at its streaming service iQIYI fell 5% to 7.9 billion yuan.

($1 = 7.22 Chinese language yuan renminbi)

(Reporting by Yuvraj Malik in Bengaluru; Enhancing by Pooja Desai and Varun H Okay)

Copyright 2024 Thomson Reuters.

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