China's Baidu revenue beats expectations on rise in advertising

FILE PHOTO: Employees wearing face masks are seen next to a Baidu AI robot, in front of a sign of Baidu at the company’s headquarters in Beijing, following the novel coronavirus disease (COVID-19) outbreak, China May 18, 2020. REUTERS/Tingshu Wang

(Reuters) – China’s Baidu Inc reported quarterly revenue above Wall Street expectations on Wednesday, bolstered by a rise in advertising on its core search and video-streaming platforms in an economy that is recovering from the pandemic-induced slump.

The company said total revenue rose 5% to 30.26 billion yuan ($4.69 billion) in the fourth quarter ended Dec. 31, topping analysts’ average estimate of 30.06 billion yuan, according to IBES data from Refinitiv.

($1 = 6.4542 Chinese yuan renminbi)

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