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Baidu Looks Lost, JD.com Profits Excite in Latest China Internet Results

By Yang Ge
Earnings seasons for China’s biggest internet companies officially drew to a close on Thursday, when Alibaba Group Holding Ltd. — whose operations include online-shopping website Taobao — announced quarterly results that failed to excite investors despite a near-doubling in profit and 60% revenue growth. Photo: IC
Earnings seasons for China’s biggest internet companies officially drew to a close on Thursday, when Alibaba Group Holding Ltd. — whose operations include online-shopping website Taobao — announced quarterly results that failed to excite investors despite a near-doubling in profit and 60% revenue growth. Photo: IC

(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.

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Reborn social-networking specialist Weibo Corp. was the biggest winner in terms of stock gains, enjoying a 26% surge in its share price since announcing its results earlier this week. The second-biggest gainer was JD.com, which has jumped 12% since announcing its first-ever profit last week. Baidu’s stock has been the only loser in the group, shedding 9% of its value since the company announced results that included a first-quarter profit decline late last month.

Hobbled by Scandal

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