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

By Thomson Reuters May 16, 2024 | 4:07 AM

(Reuters) – China’s Baidu beat analysts’ estimates for first-quarter revenue on Thursday, driven by a recovery in advertising sales and higher demand for its cloud products.

The company reported revenue of 31.51 billion yuan ($4.37 billion) for the three months ended March 31, compared to analysts’ average estimate of 31.21 billion yuan as per LSEG data.

U.S.-listed shares of the company rose about 3% in premarket trade.

Revenue from Baidu Core, which includes its search-based ad sales, cloud offerings and autonomous driving initiatives, grew 4% to 23.8 billion yuan.

Meanwhile, revenue at its streaming service iQIYI fell 5% to 7.9 billion yuan.

($1 = 7.22 Chinese yuan renminbi)

(Reporting by Yuvraj Malik in Bengaluru; Editing by Pooja Desai and Varun H K)