Chinese search giant Baidu beats on ad sales but streaming costs surge [Reuters (UK)]
Baidu, Inc. - American Depositary Shares, each representing 8 ordinary share (BIDU)
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Source: Reuters
Chinese search giant Baidu beats on ad sales but streaming costs surge | Reuters 3 Min Read BEIJING (Reuters) - Chinese search engine operator Baidu Inc beat market estimates for fourth-quarter revenue and profit on Thursday, as its core online marketing business stayed resilient and revenue surged in its Netflix-like streaming service iQiyi. Baidu is betting its focus on streaming and new areas such as artificial intelligence (AI) will boost revenue and offset lower ad sales from real estate, finance and other sectors impacted by China’s economic slowdown. The company, which is trying to cut its dependence on its core search business, spent heavily on content for iQiyi and promotions to attract new customers last year as its online ad business showed signs of pressure. “We have entered a new stage for the Chinese internet,” Baidu Chief Executive Robin Li said in a conference call with analysts, warning that the market has saturated. “New growth will be driven by technological innovat
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BIDU
News
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BIDU
Earnings
- 2/28/24 - Beat
BIDU
Sec Filings
- 4/12/24 - Form 6-K
- 4/2/24 - Form 144
- 3/18/24 - Form 6-K
- BIDU's page on the SEC website