Baidu’s third-quarter revenue misses estimates
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)