Baidu Sales Beat Estimates on News Feed, Search Advertising
- Company files to begin IPO process for iQiyi video service
- Revenue forecast for current quarter misses analysts estimates
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Baidu Inc. posted fourth-quarter sales that topped analyst estimates on the rising popularity of its news aggregation service and its traditional web search business.
Revenue was 23.6 billion yuan ($3.62 billion) in the three months ended December, the Beijing-based company said in a statement. That compares with the 23.1 billion yuan average of analyst estimates. Baidu’s U.S. shares gained more than 4 percent in extended trading after the results were released.