Baidu Inc. posted its second quarter earnings and revenue that surpassed analysts’ expectations.
The China-based internet company reported a net income of RMB3.64 billion ($543 million), bouncing back from a loss of RMB583 million, or RMB1.70 per ADS, in the year-ago period. Adjusted earnings per ADS climbed to RMB15.79 (from RMB15.41), topping analysts’ expectations of RMB10.66 (according to FactSet survey).
Revenue dipped 5.4% to RMB29.65 billion nonetheless beating consensus of RMB29.45 billion (based on FactSet poll). The company’s core revenue decreased 4% to RMB23.2 billion, but exceeded the FactSet consensus of RMB22.6 billion.
Baidu App's monthly average users count climbed 8% to 628 million.