Monday, 28 November, 2022

Baidu revenue up 2pc amid cost-cutting drive

BEIJING: Chinese internet giant Baidu reported on Tuesday third-quarter revenues of 32.5 billion yuan ($4.6 billion), representing a year-on-year increase of 2 percent.

Its earnings report showed Baidu posted a net loss of 146 million yuan for the three months through September as it reined in costs and trimmed back far deeper losses from the equivalent quarter last year, reports AFP.

Chinese technology majors have struggled in recent months amid an economic slowdown, Covid-19 curbs that have hammered consumer sentiment, and tighter regulatory scrutiny.