UPDATE 2-Chinese search giant Baidu's online marketing business stable, streaming surges [Reuters]
Baidu, Inc. - American Depositary Shares, each representing 8 ordinary share (BIDU)
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Source: Reuters
Chinese search giant Baidu's online marketing business stable, streaming surges | 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. The online marketing business, which includes search, news feeds and a video app and accounts for more than three quarters of the company’s revenue, grew 10 percent to 21.2 billion yuan ($3.15 billion) in the quarter ended Dec. 31. Revenue from iQiyi jumped 55 percent to 7 billion yuan. Baidu has invested heavily in new content for iQiyi, which competes fiercely with Alibaba Group Holding Ltd service Youku. The service gained 36.6 million subscribers last year. Content costs, mostly for iQiyi, nearly doubled to 7.3 billion yuan. Baidu’s U.S.-listed shares rose 3 percent in extended trading. Total revenue rose 22 percent to 27.2 billion y
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