China’s Baidu posts 25% rise quarterly revenue on ad, cloud boost
China’s Baidu Inc reported a 25% rise in quarterly revenue on Tuesday, powered by advertising on its core search and video-streaming platforms.
The Beijing-based company’s aggressive push into cloud services, artificial intelligence, autonomous driving and smart transport technology has helped grow its non-advertising revenue and offset competition to its core search platform from Alibaba and ByteDance.
Baidu’s streaming affiliate, iQIYI posted a 25% increase in advertising revenue and subscribers grew by 3.6 million in the quarter to a total of 105.3 million, helped by more original productions.
Baidu, also known as China’s Google, said total revenue rose to 28.13 billion yuan ($4.38 billion) in the first quarter ended March 31, topping analysts’ average estimate of 27.25 billion yuan, according to IBES data from Refinitiv.
Net income attributable to Baidu rose to 25.65 billion yuan, or 73.76 yuan per American Depository Share (ADS), from 41 million yuan, or 2 yuan per ADS, a year earlier.
($1 = 6.4228 Chinese yuan renminbi)
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