May 18, 2020 / 8:45 PM / 18 days ago

Baidu beats quarterly revenue estimates

May 18 (Reuters) - China’s search engine giant Baidu Inc beat analysts’ estimates for quarterly revenue on Monday, as its video streaming platform iQIYI benefited from strong demand from people forced to stay at home to curb the spread of the coronavirus.

Total revenue fell to 22.55 billion yuan ($3.17 billion) from 24.12 billion yuan a year earlier. Analysts on average had expected revenue of 21.93 billion yuan, according to IBES data from Refinitiv.

The company in February estimated revenue between 21 billion yuan and 22.9 billion yuan. ($1 = 7.1086 Chinese yuan renminbi) (Reporting by Akanksha Rana in Bengaluru and Yingzhi Yang in Beijing; Editing by Krishna Chandra Eluri)

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