Baidu, China’s largest search engine, has cut its quarterly revenue forecast by roughly 10 per cent, citing the impact of new regulations in the wake of a scandal over an advertisement for cancer treatment.
The company said that the new rules on advertising would seriously affect its business in the short term, sending its New York-listed shares down 5.4 per cent in after-hours trading on Monday.
Regulators last month ordered Baidu to cut back on the number of sponsored ads per page and to better vet advertisers, following the death of a 21-year-old student from a rare form of cancer in April.
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