HONG KONG -- Chinese tech group Baidu eked out better-than-expected quarterly revenue Tuesday, thanks to a 31% jump in its cloud business that offset slowing online ads for China's largest search engine.
Total revenue shrank 5% on the year to 29.65 billion yuan ($4.3 billion) in the second quarter, slightly higher than the average estimate of 29.30 billion yuan from analysts surveyed by Refinitiv. The company swung to a net profit of 3.64 billion yuan from a year-earlier loss.
