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CHINA’S Baidu fell short of analysts’ estimates for fourth-quarter revenue on Wednesday (Feb 28), as advertisers kept a tight leash on their spending budgets amid an uneven economic recovery in the Asian powerhouse.
Revenue was 34.95 billion yuan (S$6.5 billion) for the three months ended December, compared with analysts’ average estimate of 34.97 billion yuan, according to LSEG data.
US-listed shares of the company fell 2 per cent in trading before the bell.
Baidu’s online marketing revenue grew 6 per cent to 19.2 billion yuan.
It reported an adjusted net income of 2.60 billion yuan, compared with 4.95 billion yuan for the same period a year earlier. REUTERS
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