Baidu earnings nearly match analyst estimates


By Kosaku Narioka

Baidu said Tuesday that its second-quarter net profit climbed 43% from a year earlier thanks to growth in online-marketing and video-streaming services.

The Chinese tech company said that net profit increased to 5.21 billion yuan ($719.3 million) for the quarter ended June from CNY3.64 billion a year earlier. The quarterly profit virtually matched the estimate of CNY5.24 billion taken from a poll of analysts by FactSet.

Baidu said second-quarter revenue rose 15% from a year earlier to CNY34.06 billion.

Revenue from its online-marketing services grew 15% to CNY21.08 billion as the number of monthly active users for its flagship Baidu app rose 8% to 677 million in June.

Second-quarter operating income from its iQIYI video-streaming service rose sharply to CNY610 million from CNY126 million a year earlier as the average daily number of total subscribing members increased 13% to 111.2 million.

Write to Kosaku Narioka at

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