The coronavirus pandemic has highlighted Baidu’s weaknesses as advertising dollars desert China’s online search giant for the apps of nimbler competitors.
Baidu said first-quarter revenue fell 7 per cent from a year earlier to Rmb22.5bn ($3.2bn) as advertisers in travel, autos and healthcare cut back on spending during the public health crisis. Revenue at its core search and news feed business fell even faster, sliding 13 per cent from the same period last year.
Still, the results released late on Monday beat analysts’ downbeat forecasts, and Baidu’s US-listed shares rose 8 per cent in after-hours trading.
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