Baidu beats estimates on strong video streaming growth
Chinese technology group Baidu on Monday posted a revenue of 26.33 billion yuan ($3.73 billion) for the quarter that ended in June, beating analysts’ estimates of 25.77 billion yuan ($3.65 billion) as its video streaming service iQiyi continues to see strong growth. Net income for the second quarter dropped to 2.41 billion yuan ($344 million), down 62% compared to same period last year, but an improvement from the first quarter of this year when Baidu posted a net loss of 327 million yuan ($46.3 million). "With Baidu traffic growing robustly and our mobile ecosystem continuing to expand, we are in a good position to focus on capitalizing monetization and ROI improvement opportunities to deliver shareholder value," Herman Yu, CFO of Baidu, said in a statement.