HONG KONG -- Baidu said it will acquire the domestic business of Chinese livestreaming company JOYY for $3.6 billion in cash, raising the stakes in the fierce competition among technology conglomerates for users' attention.
Tuesday's announcement came as the Beijing-based search engine operator reported better-than-expected earnings for the quarter ended Sept. 30, as China's economy continues to rebound from the effects of the coronavirus outbreak. Baidu's upbeat results follow recent similar third-quarter earnings reports from rivals Alibaba Group Holding and Tencent Holdings.
