(Yicai Global) Feb. 22 -- Chinese search engine giant Baidu expects revenue in the first quarter to come in around market expectations.

Operating income may be between CNY23.5 billion (USD3.5 Billion) and CNY24.7 billion in the first three months of this year, the Beijing-based firm said in an earnings report released yesterday. The average forecast by analysts is for CNY24 billion, according to IBES estimates from global business data provider Refinitiv. 

In the fourth quarter of last year, revenue gained 22 percent to CNY27.2 billion, topping an IBES projection of CNY26.3 billion. In October, the company had forecast sales for the period below analyst estimates, citing policy changes and the ongoing China-US trade conflict.

The number of daily active users on Baidu App rose 24 percent annually to 161 million last December.

For the full-year 2018, revenue jumped 28 percent to CNY102 billion (USD14.9 billion) from a year earlier thanks to strong growth in Baidu's online marketing business.

Baidu's shares [NASDAQ:BIDU] added 0.4 percent to close at USD171.81 yesterday. The benchmark Nasdaq Composite Index fell 0.4 percent.

Editor: Emmi Laine