Chinese search engine operator Baidu Inc booked its first quarterly loss since a...
- Chinese search engine operator Baidu Inc booked its first quarterly loss since at least 2015 and forecast quarterly revenue below market estimates, saying a “challenging marketing environment” is sapping income from advertisers.
After the earnings report on Thursday, the price of Baidu’s U.S.-listed shares fell as much as 8% in extended trading. Baidu reported a net loss attributable to shareholders of 327 million yuan for the three months through March 31, versus profit of 6.69 billion yuan in the same period a year prior. The loss was its first since going public in 2005.
Baidu forecast second-quarter revenue of 25.1 billion yuan to 26.6 billion yuan. That compared with the 29.30 billion yuan average analyst estimate, showed data from Refinitiv IBES.
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