Baidu quarterly results exceed expectations
The firm also said it will buy streaming platform YY Live
Stocks impacted: Baidu (BIDU)
The Chinese tech firm reported its third-quarter earnings and revenue that topped expectations. Baidu reported non-GAAP earnings of $3 per share on revenues of $4.16 billion. Online marketing revenue from Baidu Core was $2.72 billion while non-online marketing revenue reached $434 million, increasing 14% year over year. The company said it expects October-December revenues to be between $4.2 billion and $4.6 billion, representing a growth rate of -1% to 8% year over year. The firm also said it will buy streaming platform YY Live from social media firm JOYY Inc for about $3.6 billion to help diversify revenue sources. The YY deal could help Baidu catch up in the arena of online entertainment. Baidu shares that are up 16% from the beginning of the year, gained nearly 2% after the report.
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