(Reuters) – China’s Baidu Inc <BIDU.O> reported third-quarter revenue above market expectations on Monday and said it would buy social media platform JOYY Inc’s <YY.O> video-based live streaming business in China for about $3.6 billion.
The company said through the deal it aims to diversify its revenue source, the bulk of which comes from ad sales on its core search engine platform.
Baidu’s vibrant mobile ecosystem enables the fast growth of its non-advertising revenue by increasing log-in users and expanding offerings like membership, live streaming and online games, Chief Executive Officer Robin Li said in a statement.
The company benefited from higher paid subscribers on Baidu’s video streaming service iQIYI <IQ.O> and a recovery in ad spending by businesses on its core search engine platform in the quarter.
As China’s economy gradually …
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