Baidu reports 6.4b yuan quarterly profit

Business | 1 Aug 2018 11:36 am

Chinese Internet search giant Baidu Inc on Tuesday topped Wall Street estimates for quarterly profit on the back of strong growth in its online advertisement business, Reuters reports.

Revenue for the segment grew by 25 percent to 21.1 billion yuan (US$3.10 billion) in the second quarter.

The company has recorded rapid growth in its newsfeed product, an app that is similar to Facebook’s feed.

Net income attributable to Baidu climbed to 6.4 billion yuan, or 18.14 yuan per American depositary share, in the second quarter ended June 30 from 4.42 billion yuan, or 11.31 yuan per ADS, from a year earlier.

Excluding one-time items, Baidu earned 21.06 yuan per ADS, above expectations of 16.46 yuan.

Total revenue grew by 24.4 percent to 25.97 billion yuan from 20.87 billion yuan.

The company’s US-listed shares gained by about 3 percent to 254 US dollars in after-hours trading.

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