China’s Baidu posts 3% fall in third-quarter revenue, beats market estimates

BAIDU reported a 3 per cent fall in third-quarter revenue on Thursday (Nov 21), beating market estimates, as China’s biggest Internet search provider grappled with weak spending on its advertising services in a sluggish economy.

Revenue reached 33.56 billion yuan (S$6.2 billion) for the three months ended Sep 30. That compared with the 33.43 billion yuan average of 20 analysts’ estimates compiled by LSEG.

Net income climbed 14 per cent to 7.63 billion yuan versus a consensus estimate of 4.67 billion yuan. REUTERS