ZHEJIANG, CHINA – MARCH 16 2023: A view of the logo of ERNIE Bot, an AI chatbot service developed by Chinese search engine Baidu, March 16, 2023.
Long Wei | Future Publishing | Getty Images
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.
