China’s Baidu Inc reported quarterly revenue above Wall Street expectations, bolstered by a rise in advertising on its core search and video-streaming platforms in an economy that is recovering from the pandemic-induced slump, Trend reports citing Reuters.
Its push into cloud services, artificial intelligence and autonomous car technology has also helped grow its non-advertising revenue and offset competition to its core search platform from rivals Alibaba, Tencent Holdings and ByteDance.
The Beijing-based company’s total revenue rose 5% to 30.26 billion yuan ($4.69 billion) in the fourth quarter ended Dec. 31, topping analysts’ average estimate of 30.06 billion yuan, according to IBES data from Refinitiv.
U.S. listed shares of the company, which have gained more than 70% in 2020, rose 3.4% to $317 in after-market trading.