China’s Baidu beats quarterly revenue estimates on ad recovery, cloud demand

China’s Baidu beats quarterly revenue estimates on ad recovery, cloud demand

May 16, 2024 / NYJ Editorial Desk /

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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

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NYJ Editorial Desk

I am an editor for Ny Journals, focusing on business and entrepreneurship. I love uncovering emerging trends and crafting stories that inspire and inform readers about innovative ventures and industry insights.

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