Baidu Looks Lost, JD.com Profits Excite in Latest China Internet Results
(Beijing) — Stumbling search giant Baidu Inc. was the big loser among China’s largest internet companies as it struggled for direction in the latest reporting season, while scrappier e-commerce specialist JD.com Inc. won big after surprising markets with its first-ever profit, analysts said.
Earnings seasons for China’s biggest internet companies officially drew to a close on Thursday, when e-commerce leader Alibaba Group Holding Ltd. announced quarterly results that failed to excite investors despite a near-doubling in profit and 60% revenue growth. Investors have come to expect such heady numbers from most of China’s biggest internet companies, which are feeding on the world’s biggest internet market, where hometown players enjoy big advantages over global rivals.
Hobbled by Scandal
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- 3Authorities Investigate Claims of Cadmium-Laced Wheat From Central China
- 4Weibo and Other Websites Barred From Video Streaming by Authority
- 5Real Estate Tycoon Removed as Political Adviser Over Bribery Allegation