Baidu’s third-quar­ter rev­enue misses es­ti­mates

China Daily (Canada) - - NEWSCAPSULE -

Baidu Inc – owner of China’s largest In­ter­net search en­gine – missed an­a­lysts’ es­ti­mates for third-quar­ter sales.

Rev­enue climbed 52 per­cent to 13.5 bil­lion yuan ($2.2 bil­lion) from 8.89 bil­lion yuan, the Beijing-based company said in a state­ment. That com­pared with the 13.6- bil­lion- yuan av­er­age of 12 an­a­lysts’ es­ti­mates com­piled by Bloomberg. The company also is­sued a sales fore­cast for the fourth quar­ter that fell short of pre­dic­tions.

Baidu’s costs have climbed as bil­lion­aire founder Robin Li in­vests to add ser­vices that help shop­pers find re­tail stores and re­trieve prod­uct in­for­ma­tion as search in­creas­ingly shifts from desk­top com­put­ers to mo­bile de­vices such as smart­phones. (Photo 2)

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