(Reuters) – China’s Baidu fell short of analysts’ estimates for fourth-quarter revenue on Wednesday, as advertisers kept a tight leash on their spending budgets amid an uneven economic recovery in the Asian powerhouse.
Revenue was 34.95 billion yuan ($4.92 billion) for the three months ended December, compared with analysts’ average estimate of 34.97 billion yuan, according to LSEG data.
U.S.-listed shares of the company fell 2% in trading before the bell.
Baidu’s online marketing revenue grew 6% to 19.2 billion yuan.The company’s adjusted net income rose to 7.76 billion yuan, compared with 5.37 billion yuan for the same period a year earlier.
($1 = 7.20 Chinese yuan renminbi)
(This story has been corrected to say adjusted net income rose in the fourth quarter, not fell, in paragraph 5)
(Reporting by Yuvraj Malik in Bengaluru and Yelin Mo;Editing by Sriraj Kalluvila)
