Baidu, Net Profit

Baidu, Net Profit

Baidu Q2 revenue beats expectations but profit drops

Baidu's net profit fell 62% in the three months ending June 30.

20.8.2019

Baidu 's net profit fell 62% in the three months ending June 30.

Chinese internet giant Baidu regained momentum during the second quarter, posting better-than-expected revenue on Tuesday thanks to strong traffic growth, though it also announced a huge drop in net profit . The Beijing-based search leader said its total revenues rose 1.4 percent to 26.3 billion yuan

However, it warned revenue in the third quarter could decline as much as five percent.

"These changes have brought temporary pain, but the positive impact will be far-reaching, enabling a more solid and long-lasting future for Baidu."

With recent investments in Quora-like knowledge platform Zhihu and scientific Q&A site Guokr.com, Baidu's management said it would focus on improving content.

But the company is trying to shift toward technologies like AI and driverless cars, which China's government wants the country to become a leader in.

Read more: Yahoo Singapore

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