Baidu boss Robin Li is running out of time: his company is stuck in a downward tech spiral, says mak_robyn
Chinese search-engine operator Baidu on May 16 reported a quarterly net loss of 327 million yuan , compared to a net profit of 6.7 billion yuan in the same period last year. It said revenue for the three months to March totalled 24.1 billion yuan, an increase of 15% from the same period last year.
Revenue from Baidu's video-streaming subsidiary, iQiyi, increased 43% year-on-year to 7 billion yuan. Losses for the unit were 1.8 billion yuan in the quarter. Baidu shares fell 10% to $138.50 during after-hours trading in New York on May 16, after the results.
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