Chinese tech giant Baidu's shares rise 2% after revenue beat
Publishing timestamp: 2023-11-21 09:28:18
Summary
Baidu reported third-quarter revenue of 34.45 billion yuan ($4.72 billion), beating expectations and demonstrating resilience in a challenging economic climate. The growth was slower than the previous quarter, but online and non-online marketing revenue still saw double-digit growth. Baidu's CEO mentioned that macroeconomic weakness and weak revenue from e-commerce platforms contributed to slower growth in ad revenue. The company also reported an increase in selling, general, and administrative expenses, as well as research and development expenses. Baidu's Apollo Go robotaxi business also saw an increase in rides.
Sentiment: POSITIVE
Tickers: BIDU,
Keywords: earnings, baidu inc, stock markets, markets, beijing, dividends, breaking news: technology, business news, market insider, technology,
Source: https://www.cnbc.com/2023/11/21/baidu-q3-earnings-chinese-tech-giant-reports-revenue-beat.html