SHANGHAI: China's Baidu Inc reported third-quarter revenue above market expectations on Monday and said it would buy social media platform JOYY Inc's video-based live streaming business in China for about US$3.6 billion.
The company benefited from higher paid subscribers on Baidu's video streaming service iQIYI and a recovery in ad spending by businesses on its core search engine platform in the quarter. The company said it expects current-quarter revenue to be between 28.6 billion yuan and 31.3 billion yuan compared with estimates of 28.98 billion yuan.Subscribers for iQIYI touched 104.8 million in September and membership revenue rose 7 per cent from a year earlier, the company said.
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