(Reuters) – Search engine giant Baidu reported quarterly revenue above market estimates on Thursday, signaling some recovery in the Chinese advertising market.
Revenue in the second quarter was 33.93 billion yuan ($4.67 billion), compared with analysts’ average estimate of 33.55 billion yuan, according to LSEG data.
U.S.-listed shares of Baidu rose more than 1% in premarket trading.
Baidu’s online marketing business, which contributes the majority of its revenue, declined 2% to 19.2 billion yuan.
($1 = 7.14 Chinese yuan renminbi)
(Reporting by Yuvraj Malik in Bengaluru; editing by Alan Barona)
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