Baidu, Chinese search engine, posts first ever quarterly loss.

  • Company’s American depositary receipts drop more than 7%
  • Board authorizes new $1 billion share repurchase program

Baidu Inc. posted a loss for the first time since going public in 2005 as China’s biggest online search engine struggles with a changing local market and slowing economy.

The net loss was 327 million yuan ($47.5 million) for the three months ended March, compared with the 187.5 million yuan loss expected by analysts. The Beijing-based company also forecast sales below estimates and said Hailong Xiang, the 14-year veteran who ran the search business, has resigned. Baidu’s American depositary receipts fell more than 7% in extended trading.

www.bloomberg.com/news/articles/2019-05-16/baidu-posts-first-loss-since-2005-search-executive-resigns

409 views