China’s Baidu quarterly revenue misses estimates

By Thomson Reuters Feb 28, 2024 | 3:09 AM

(Reuters) -China’s Baidu fell short of analysts’ estimates for fourth-quarter revenue on Wednesday, as advertisers kept a tight leash on their spending budgets amid an uneven economic recovery in the Asian powerhouse.

Revenue was 34.95 billion yuan ($4.92 billion) for the three months ended December, compared with analysts’ average estimate of 34.97 billion yuan, according to LSEG data.

U.S.-listed shares of the company fell 2% in trading before the bell.

Baidu’s online marketing revenue grew 6% to 19.2 billion yuan.It reported an adjusted net income of 2.60 billion yuan, compared with 4.95 billion yuan for the same period a year earlier.

($1 = 7.20 Chinese yuan renminbi)

(Reporting by Yuvraj Malik in Bengaluru and Yelin Mo;Editing by Sriraj Kalluvila)