Chinese search giant Baidu reports stronger-than-expected quarterly revenue
INTERNATIONAL – Chinese search giant Baidu reported quarterly revenue that beat analysts' estimates on Monday after market close. The company's total revenue for the second quarter reached 26.3 billion yuan (about $3.84 billion), rising 1 percent year over year, Baidu said in a statement.
Data from Refinitiv showed analysts on average had expected revenue of 25.8 billion yuan. The net income attributable to Baidu, however, declined to 2.4 billion yuan, from 6.4 billion yuan a year earlier.
Wall Street had concerns about the company's quarterly earnings as some analysts noted it was slow to respond to the growth of mobile and has faced growing competition.
"Our focus on strengthening Baidu's mobile ecosystem through knowledge-based content, BJH accounts, smart mini programs and managed pages on Baidu's platform is translating into better user experience, stronger traffic growth, and, we believe, ultimately higher conversion for our customers," said Robin Li, Baidu co-founder and chief, in the statement.
In June, daily active users of Baidu App reached 188 million, up 27 percent year over year, in-app search queries grew over 20 percent year over year and smart mini program monthly active users reached 270 million, up 49 percent sequentially, according to Li. Shares of Baidu rose 8.81 percent in extended trading.