Chinese search giant Baidu reported third-quarter revenue of 28.2 billion yuan ($4.16 billion), up 8 percent from the previous quarter and 1 percent from the same period in 2019, topping analysts' expectations of 27.58 billion yuan.
Wall Street's estimate range for Baidu's third-quarter revenue was RMB 26.96 billion - RMB 28.04 billion.
Baidu's net profit for the third quarter was RMB 13.7 billion, up 282% from the previous quarter. Baidu reported a net loss of RMB 6.4 billion for the same period last year.
Baidu's adjusted EBITDA for the third quarter was RMB 9.07 billion, up 78% from the same period in 2019 and above analysts' expectations of RMB 6.27 billion.
Baidu's cash and other items for the third quarter was RMB 146 billion.
Baidu expects Q4 revenue of RMB 28.6 billion - RMB 31.3 billion, compared to the median analyst estimate of RMB 29.01 billion, with a range of RMB 27.76 billion - RMB 31.62 billion.
Baidu shares were up 3% in the US after-hours trading session, but have now turned down 1% after announcing that it will acquire the domestic video-based entertainment live streaming business of JOYY in China.