revenue estimate
China's Baidu beats Q3 revenue estimates as ad sales recover
Nov 22 (Reuters) - Baidu Inc's (9988.HK) third-quarter revenue beat Wall Street estimates on Tuesday, as China's search engine giant benefited from a recovery in online advertising sales and growth in its cloud and artificial intelligence (AI) business. Baidu, which generates most of its revenue from ads on its search engine, has seen a recovery since the second quarter, before which strict zero-COVID policies in China had led to frequent lockdowns that undermined economic activity. Baidu's revenue rose 2% to 32.54 billion yuan ($4.56 billion) in the three months to Sept. 30, beating the 31.79 billion yuan average estimate of 20 analysts, according to Refinitiv data. Baidu Core's non-online marketing revenue, an area including cloud and other AI businesses, grew by 25% year on year to 6.5 billion yuan. The company has been focusing on self-driving technologies over the past five years, as it looks to diversify its revenue sources.
- Asia > China (0.88)
- North America > United States > New York > New York County > New York City (0.28)
- Marketing (0.99)
- Banking & Finance (0.61)
- Information Technology > Robotics & Automation (0.41)
Baidu beats revenue estimates helped by AI, cloud services
May 26 (Reuters) - China's search engine giant Baidu Inc surpassed quarterly revenue estimates on Thursday as a resurgence of COVID-19 in China and accompanying restrictions boosted demand for its cloud and artificial intelligence (AI) products. The news drove Baidu's U.S.-listed shares more than 5% up in pre-market trading even as the company cautioned that the second quarter would be more challenging. Revenue for the three months to March 31 rose 1% to 28.41 billion yuan ($4.22 billion), the slowest growth in six quarters, but topped an analysts' average estimate of 27.82 billion, IBES data from Refinitiv showed. It posted a net loss of 885 million yuan, or 2.87 yuan per American Depository Share (ADS), amid an economic downturn and pandemic resurgence in China. A year earlier it had posted a profit of 25.65 billion yuan, or 73.76 yuan per ADS.
- Information Technology > Services (0.43)
- Transportation > Ground > Road (0.37)
- Information Technology > Robotics & Automation (0.37)