Baidu shares dropped sharply yesterday after China's leading internet search engine predicted that its planned switch to a new online marketing technology in early December would squeeze revenues.
The cautious outlook surprised investors after the Nasdaq-listed company revealed higher third-quarter earnings, having benefited from an improvement in the advertising market and bolstered its already dominant market share.
Net income jumped 42 per cent to Rmb493m ($72m) in the third quarter compared with the same period last year, and revenue was up 39 per cent year on year to Rmb1.28bn. Baidu holds 61 per cent of the market in China, while Google has 29 per cent.
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