May 17, 2023 03:32 PM

BUSINESS

Baidu’s Revenue Beats Expectations After China Recovery Fuels Ad Sales

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Baidu’s results suggest China’s largest internet firms are making some headway in revival efforts after two years of regulatory crackdowns and Covid restrictions. Photo: Bloomberg

Baidu’s results suggest China’s largest internet firms are making some headway in revival efforts after two years of regulatory crackdowns and Covid restrictions. Photo: Bloomberg

(Bloomberg) — Baidu Inc.’s revenue rose a stronger-than-expected 10% after its advertising and cloud businesses benefited from China’s post-pandemic reopening.

China’s internet search leader reported revenue of 31.1 billion yuan ($4.5 billion) for the three months ended March, versus the 30 billion yuan average of analysts’ projections. Net income came in at 5.8 billion yuan, beating estimates thanks to fair value gains on investments.

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