Search engine giant Baidu Inc beat first-quarter revenue estimates on Tuesday (May 16) as businesses spent more on advertising after China lifted COVID curbs late last year. Revenue rose 10 per cent to 31.14 billion yuan (US$4.54 billion) in the quarter ended Mar 31, surpassing analysts' estimates of 29.97
Search engine giant Baidu Inc beat first-quarter revenue estimates on Tuesday as businesses spent more on advertising after China lifted COVID curbs late last year.
Revenue rose 10 per cent to 31.14 billion yuan in the quarter ended Mar 31, surpassing analysts' estimates of 29.97 billion yuan, according to Refinitiv data.Business momentum in China is building up in the absence of lockdowns, with consumers and businesses reviving spending as the economy shows signs of stabilising.
China's economy grew at a faster-than-expected rate of 4.5 per cent year-on-year in the three months through March, according to the latest official data.
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