Baidu Inc reported better-than-expected third-quarter profit and revenue as more...
) Tencent Video, rose nearly 7% from a year earlier to 7.4 billion yuan , as the service crossed 105.8 million subscribers in September. IQIYI’s shares rose 4% in extended trading.
“The changes we initiated this year are paying off,” Baidu Chief Executive Robin Li said in an internal letter reviewed by Reuters. Baidu reported a net loss of 6.37 billion yuan in the quarter mainly due to losses from the company’s equity investments, versus a profit of 12.40 billion yuan a year earlier.
Baidu, like other Chinese internet companies, is dealing with tightening regulation even as the overall economy slows.“These things, I think, will be temporary and we also think that the macro environment is stabilizing. We do think that eventually revenue will catch up with traffic,” he said.
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