China’s Baidu reports fourth-quarter revenue above estimates

(Reuters) – Search engine giant Baidu reported quarterly revenue down by about 2%, as a slow Chinese economy forces small businesses to trim spending on advertising.

Its revenue in the fourth quarter stood at 34.12 billion yuan ($4.69 billion), beating analysts’ estimate of 33.32 billion yuan, according to data compiled by LSEG.

($1 = 7.2779 Chinese yuan renminbi)

(Reporting by Akash Sriram in Bengaluru and Yelin Mo in Beijing)