China’s Baidu beats quarterly revenue expectations

(Reuters) – China’s Baidu Inc reported third-quarter revenue above market expectations on Monday, as its video streaming service iQIYI added more paying subscribers and its search engine platform benefited from a recovery in ad spending by businesses.

The company said total revenue rose 1% to 28.23 billion yuan ($4.29 billion) in the third-quarter ended Sept.30. Analysts on average had expected revenue of 27.45 billion yuan, according to IBES data from Refinitiv.

(Reporting by Ayanti Bera in Bengaluru; Editing by Arun Koyyur)