China’s Baidu beats earnings expectations

21 August, 2019 12:00 AM printer

BEIJING: Chinese internet search giant Baidu Inc beat quarterly earnings estimates on Monday after signing more people up to its video streaming service, sending its shares higher in a relief rally.

Baidu reported a small 1per cent bump in revenue and a 62per cent drop in net profit for the second quarter, but the result was welcomed by investors who had feared worse amid a slowing Chinese economy and stiff competition from rivals like ByteDance's TikTok, report agencies.

Baidu's earnings update followed reports from Alibaba and last week, which also beat expectations, showing how some tech giants' diversification strategies might be helping stave off macroeconomic pressures.