The logo of Chinese search engine leader Baidu is seen at the company's headquarters in Beijing, China May 18, 2020. REUTERS/Tingshu Wang/File Photo
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)
Our Standards: The Thomson Reuters Trust Principles.
Source: https://www.reuters.com/technology/chinas-baidu-posts-25-rise-quarterly-revenue-2021-05-18/
FIA President Mohammed Ben Sulayem hails new agreement as a vital step forward for racing…
Indonesia’s rapidly expanding investor community is creating a new opportunity for financial technology companies: connecting…
Nevada’s emergence as a life sciences destination is gaining momentum, and Roseman Bioventures is positioning…
Hyperion Materials & Technologies is working with CADDi to centralise engineering data and accelerate quotation…
Launching a business in Ontario is an exciting but strategic endeavour that begins with a…
The next stage of premium consumer electronics is increasingly about ecosystems rather than individual devices.…