Baidu’s revenue falls for a fifth quarter as ads keep sliding
Baidu revenue fell for a fifth straight quarter. The advertising business kept shrinking faster than the AI business could grow. The Chinese search company reported its results on Tuesday, with second-quarter revenue of RMB31.3bn ($4.62bn). That is down 4 percent on a year earlier and 2 percent on the previous quarter.
Net income attributable to Baidu was RMB2.3bn ($342mn). That is down from RMB7.3bn a year earlier, a fall Bloomberg put at 68 percent. The company’s US-listed shares fell after the numbers. They dropped as much as 10 percent to $93.70, according to Bloomberg. Reuters reported a 7 percent slide in early trading.
The revenue figure missed analyst forecasts. The South China Morning Post put the consensus at RMB31.6bn from a Bloomberg poll. Reuters cited an LSEG average of RMB31.96bn. Either way, Baidu came in short.
The two halves of Baidu are pulling apart
The problem is the old business....
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