China’s Baidu quarterly revenue misses estimates By Reuters

© Reuters. FILE PHOTO: A sign of Baidu is pictured at the company’s headquarters in Beijing, China March 16, 2023. REUTERS/Tingshu Wang/File Photo

(Reuters) -China’s Baidu (NASDAQ:) fell short of analysts’ estimates for fourth-quarter revenue on Wednesday, as advertisers kept a tight leash on their spending budgets amid an uneven economic recovery in the Asian powerhouse.

Revenue was 34.95 billion yuan ($4.92 billion) for the three months ended December, compared with analysts’ average estimate of 34.97 billion yuan, according to LSEG data.

U.S.-listed shares of the company fell 2% in trading before the bell.

Baidu’s online marketing revenue grew 6% to 19.2 billion yuan.It reported an adjusted net income of 2.60 billion yuan, compared with 4.95 billion yuan for the same period a year earlier.

($1 = 7.20 renminbi)

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