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Baidu's Q2 revenue contracts, but beats estimates on cloud business growth

Total revenue shrank by 5% to 29.65 billion yuan ($4.43 billion) in the second quarter, compared with analysts' average estimate of 29.30 billion yuan, according to Refinitiv data

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Baidu

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China's search engine giant Baidu Inc beat quarterly revenue estimates on Tuesday, underpinned by growth in its cloud business, even as it reported its first year-on-year quarterly revenue contraction in two years.
 
Total revenue shrank by 5 per cent to 29.65 billion yuan ($4.43 billion) in the second quarter, compared with analysts' average estimate of 29.30 billion yuan, according to Refinitiv data.

U.S.-listed shares of the company rose 3.2 per cent in premarket trading.

Even as Baidu's core advertising sales continue to be soft, customers are signing up for its cloud services - a key area of growth globally - as demand

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First Published: Aug 30 2022 | 4:39 PM IST

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