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Baidu Beats Estimates After Search Ads Recover From Restrictions

Baidu Inc. reported quarterly results that beat analysts’ estimates as its core search advertising business bounces back from Chinese government regulations that squeezed earnings last year.

Revenue rose to 20.9 billion yuan ($3.1 billion) in the June quarter, the Beijing-based search engine operator said, topping analyst projections for 20.7 billion yuan. Net income for the period was 4.4 billion yuan compared with estimates of 2.9 billion yuan.

The company forecast revenue for the third quarter of 23.1 billion to 23.8 billion yuan, compared with the 23 billion yuan average of analysts’ estimates compiled by Bloomberg.

Baidu shares jumped 7.5 percent in extended trading. The stock closed at $201 in New York trading earlier on Thursday.

Baidu’s rebound comes at a critical time for the search provider as it invests heavily in its open-source Apollo driverless cars program and other artificial intelligence...