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Baidu reaps higher than estimated revenue

Oct 31, 2018 by The Passage Team
Baidu reaps higher than estimated revenue

Traffic growth on Baidu Inc’s mobile app helped drive higher-than-expected third quarter revenue as China’s biggest search engine operator places more emphasis on artificial intelligence (AI) and autonomous driving.

Revenue rose to CNY 28.2 billion (USD 4.11 billion) from CNY 23.49 billion in the same quarter the previous year. The actual revenue beat the average estimate of CNY 27.53 billion, said Refinitiv data. Net income rose 56 per cent year-on-year to a better-than-expected CNY 12.4 billion.

Baidu chairman and chief executive Robin Li Yanhong said on Wednesday he expects mini-programs and short video to drive continuous growth despite slowing economic growth in China. He said Baidu was in a “sweet spot” as an internet gateway and that the company is continuing to solidify its position as a ‘super app’ to retain users and improve the customer experience.

Source: SCMP

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