Baidu Revenue Up 2% Amid Cost-cutting Drive

Chinese internet giant Baidu reported on Tuesday third-quarter revenues of 32.5 billion yuan ($4.6 billion), representing a year-on-year increase of 2 percent. Its earnings report showed Baidu posted a net loss of 146 million yuan for the three months through September as it reined in costs and trimmed back far deeper losses from the equivalent quarter last year. Chinese technology majors have struggled in recent months amid an economic slowdown, Covid-19 curbs that have hammered consumer sentiment, and tighter regulatory scrutiny. Earnings reports from internet titans, including Alibaba and JD.com, have presented a mixed picture in recent weeks. "Baidu Core delivered a solid set of financial and operational results in the third quarter, despite the continued challenges posed by the Covid-19 resurgence," said CEO Robin Li.