CHINA’S Baidu beat analysts’ estimates for first-quarter revenue on Thursday (May 16), driven by a recovery in advertising sales and higher demand for its cloud products.
The company reported revenue of 31.51 billion yuan (S$5.9 billion) for the three months ended Mar 31, compared to analysts’ average estimate of 31.21 billion yuan as per LSEG data.
US-listed shares of the company rose about 3 per cent in premarket trade.
Revenue from Baidu Core, which includes its search-based ad sales, cloud offerings and autonomous driving initiatives, grew 4 per cent to 23.8 billion yuan.
Meanwhile, revenue at its streaming service iQIYI fell 5 per cent to 7.9 billion yuan. REUTERS
