Baidu quarterly results beat on strong video streaming growth
) Tencent Video, rose nearly 7% to 7.4 billion yuan , as the service crossed 105.8 million subscribers in September this year.The results come as Baidu battles a slowing Chinese economy against the backdrop of the country’s protracted trade war with the United States, tighter ad regulations and rising competition from rivals like ByteDance’s TikTok.
The diversification has come at a price. Baidu’s total costs and expenses jumped more than 8.0% to 25.73 billion yuan during the quarter, while content costs rose 4.5%. Baidu, whose search engine dominates the market in China, forecast fourth-quarter revenue between 27.10 billion yuan and 28.70 billion yuan, while analysts had expected 27.52 billion yuan, according to IBES data from Refinitiv.
Excluding items, the company earned 12.61 yuan per American depository share , beating estimates of 7.88 yuan per ADS.
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