Baidu beats revenue expectations

Internet search giant posts 'higher than expected' growth in quarterly numbers

Internet search giant Baidu Inc's net profit dropped more than 60 percent year-on-year despite beating analysts' revenue expectations as tough competition from rivals Tencent Holdings Ltd and Beijing Bytedance Technology Co Ltd for smartphone-savvy consumers and advertisers to their popular mini-video and social media apps weighed on its results.

Baidu reported though that its revenue in the second quarter reached 26.3 billion yuan ($3.84 billion), up 1 percent year-on-year, beating analysts' expectations of 25.8 billion yuan compiled by financial markets data provider Refinitiv.