China's Baidu beats quarterly revenue estimates (updated)

IQIYI

22/08/2024 10:05

(Adds shares and online marketing revenue)
       Aug 22 (Reuters) - Search engine giant Baidu  9888.HK 
 BIDU.O  reported quarterly revenue above market estimates on
Thursday, signaling some recovery in the Chinese advertising
market.
    Revenue in the second quarter was 33.93 billion yuan ($4.67
billion), compared with analysts' average estimate of 33.55
billion yuan, according to LSEG data.
    U.S.-listed shares of Baidu rose more than 1% in premarket
trading.
        Baidu's online marketing business, which contributes the
majority of its revenue, declined 2% to 19.2 billion yuan.
  
    
    ($1 = 7.14 Chinese yuan renminbi)
    

 (Reporting by Yuvraj Malik in Bengaluru; editing by Alan
Barona)
 ((yuvraj.malik@tr.com; @elnovw on X))