China's Baidu beat analysts' estimates for first-quarter revenue on Thursday, driven by a recovery in advertising sales and higher demand for its cloud products.

The company reported revenue of 31.51 billion yuan for the three months ended March 31, compared to analysts' average estimate of 31.21 billion yuan as per LSEG data.

US-listed shares of the company rose about 3% in premarket trade.

Revenue from Baidu Core, which includes its search-based ad sales, cloud offerings and autonomous driving initiatives, grew 4% to 23.8 billion yuan.

Meanwhile, revenue at its streaming service iQIYI fell 5% to 7.9 billion yuan.

  - Reuters