China's Baidu reports first-quarter revenue tops estimates, signalling advertising recovery

(Reuters) - Search engine giant Baidu on Wednesday reported its quarterly revenue rose by 3%, indicating some recovery in the Chinese advertising market.

Revenue in the first quarter stood at 32.45 billion yuan  ($4.50 billion), beating analysts’ average estimate of 30.9 billion yuan, according to data compiled by LSEG.

($1 = 7.2067 Chinese yuan renminbi)

(Reporting by Akash Sriram in Bengaluru and Liam Mo in Beijing; Editing by Tasim Zahid)