Baidu’s ad performance exceeds quarterly revenue projections. Baidu Inc (9888. HK) exceeded first-quarter sales predictions on Tuesday after China relaxed COVID-19 restrictions.
Refinitiv data shows revenue grew 10% to 31.14 billion yuan ($4.54 billion) in the quarter ended March 31, beating analysts’ projections of 29.97 billion.
Baidu Core, which includes search-based ad sales, cloud services, and autonomous driving, rose 8% to 23 billion yuan.
iQIYI (IQ.O) streaming revenue grew 15% to 8.3 billion yuan.
Company shares in the U.S. increased 5% premarket.
As the economy stabilizes, Chinese consumers and businesses are spending again.
According to official figures, China’s GDP increased 4.5% year-on-year in the three months through March, faster than projected.
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