China's Baidu posts better-than-expected results

China's Baidu beat expectations for revenue and profit on Wednesday (November 17).

The tech firm, often called China's Google, said artificial intelligence and cloud revenue grew almost three quarters on the year.

Ad sales also rose, helped as China's recovering economy encouraged higher spend on marketing.

Total revenue was $5 billion in the third quarter - slightly above estimates.

Baidu has expanded its portfolio over the last year.

It introduced robotaxi services in Beijing and joined up with Geely to develop electric vehicles.

The company expects current-quarter revenue could reach up to around $5.3 billion.

Baidu's positive earnings come despite a regulatory crackdown in China on its tech sector.

Watchdogs have targeted heavyweights including Tencent and Alibaba in what they say is a bid to stop monopolistic behaviour.

Baidu's U.S.-listed shares have dropped 21% this year against that backdrop.

But they gained around 1.5% in pre-market trade on Wednesday.

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