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China tech

Baidu Q2 results narrowly beat expectations as cloud business grows

Nasdaq-listed Chinese tech group sees 'no hurdles' to converting to primary listing in Hong Kong

Baidu's Beijing headquarters. The stock will be added to the Hong Kong benchmark Hang Seng index next month.   © Reuters

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.

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