REUTERS: 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.
Last year, Baidu said tighter ad regulations as well as an ongoing trade dispute between China and the United States could temper short-term profit, but that investment in new technology would pay off in the long term. 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.Revenue from online marketing services, a key contributor to overall sales, rose nearly 3per cent, falling slightly short of analyst estimates compiled by researcher FactSet. Total revenue grew 15.
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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