Baidu’s sales stagnated in the third quarter but an improving bottom line sent the US-listed shares of China’s dominant search engine more than 5 per cent higher.
The tech company has struggled to find a new source of revenue as its search business has flatlined amid a slowing economy, a trade war with the US and new competitors taking an increasing portion of advertising spend.
The company’s third-quarter revenue reached Rmb28.1bn ($4bn), down slightly year-on-year but ahead of analysts’ estimates of Rmb27.5bn, according to Bloomberg.
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