China’s Baidu Beats Quarterly Revenue Estimates on China Re … – U.S. News & World Report
(Reuters) -Search engine giant Baidu Inc beat first-quarter revenue estimates on Tuesday as businesses spent more on advertising amid China’s economy recovery, after the country dropped most of its strict COVID curbs late last year.
Business momentum in China is building in the absence of lockdowns, with consumers and businesses reviving spending as the economy shows signs of stabilizing.
China’s economy grew at a faster-than-expected rate of 4.5% year-on-year in the three months through March, according to the latest official data. Revenue for Baidu rose 10% to 31.14 billion yuan ($4.54 billion) in the quarter to March 31, surpassing analysts’ estimates of 29.97 billion yuan, according to Refinitiv data.
Revenue from Baidu Core, which includes search-based ad sales, cloud offerings and its autonomous driving initiatives, grew 8% to 23 billion yuan.
Of this, revenue from Baidu’s largest segment, online marketing, accounted for 16.6 billion yuan, rising 6% in the reported quarter….
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source: https://news.oneseocompany.com/2023/05/16/chinas-baidu-beats-quarterly-revenue-estimates-on-china-re-us-news-world-report_2023051644859.html
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