Baidu’s second-quarter revenues exceeded expectations as the Chinese technology group noted membership growth in its video streaming platform and reported a profit, having swung to a loss at the start of the year for the first time since 2005.
Revenues rose more than 1 per cent from a year ago to Rmb26.3bn ($3.7bn) in the second quarter, exceeding analysts' expectations for Rmb25.7bn, according to a Refinitiv survey. Excluding divestitures, this represented a six per cent increase in Baidu’s revenues.
But online ad revenues, which account for the bulk of the company’s sales, fell 9 per cent from a year ago to Rmb19.2bn as advertisers tighten spending due to an escalating trade war between the US and China.
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