22 April 2019

Baidu rides mobile search to beat profit outlook, Bloomberg says

Internet search giant Baidu Inc. reported third-quarter profit that beat analysts’ estimates as revenue from mobile searches increased, according to Bloomberg. Net income rose 1.3 percent to 3.05 billion yuan (US$498 million) from 3 billion yuan a year earlier, the report said. That surpassed the 3 billion-yuan average of 10 analysts’ estimates compiled by Bloomberg. Revenue rose 42 percent to 8.89 billion yuan, compared with the 8.79 billion-yuan average of 18 estimates, it said. Baidu is investing in mobile development as smartphone usage increases in China, helping its online marketing revenue climb 42 percent in the third quarter. 

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