ZHEJIANG, CHINA – MARCH 16, 2023: A view of the brand 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’ first-quarter revenue estimates on Thursday, driven by a rebound in promoting sales and better 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 with analysts’ average estimate of 31.21 billion yuan, in response to LSEG data.
The company’s U.S.-listed shares rose about 3% in premarket trading.
Revenue at Baidu Core, which incorporates search-based ad sales, cloud offerings and autonomous driving initiatives, rose 4% to 23.8 billion yuan.
Meanwhile, revenue from its streaming service iQIYI fell 5% to 7.9 billion yuan.
