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 kosaku.narioka@wsj.com
This article was originally published by Marketwatch.com. Read the original article here.
