Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Air Taxi Maker EHang Slashes U.S Listing Target to $46 Million
Tencent-Backed iDreamSky in Talks to Buy Rival Gaming Firm Leyou
Sweetome Acquires 2 Units as Homestay Sector Defies Sharing-Economy Gloom
LATEST
Air Taxi Maker EHang Slashes U.S Listing Target to $46 Million
Sweetome Acquires 2 Units as Homestay Sector Defies Sharing-Economy Gloom
Tencent-Backed iDreamSky in Talks to Buy Rival Gaming Firm Leyou
China’s AutoX Applies for License to Test Fully Self-Driving Cars in California
Beijing City Moots Limiting Gym Memberships to Three Months in Prepaid Services Crackdown
Kuaishou Reports Strong Esports User Data Thanks to League of Legends
China’s Top Global Education Ranking Sparks Pride and Controversy
China’s Software Sector Profits Up Nearly 12% in First 10 Months
Chinese-Backed DNA Testing Company Suspends U.S. Business, Lays Off Staff
New Installations of Solar Power Plunge as Subsidies Fade
Nio’s Growth Stagnates as Foreign Adversaries Expand in China
SAIC Taps India Electric Car Market With MG Model
Xiaomi Targets Indian Borrowers with New Online Lending Service
ZTE Partners With Chinese Plane-Maker for In-Flight 5G Internet Project
Chinese Chip Design Firm Goodix Given Nod to Acquire NXP’s Voice and Audio Solutions Business
Former Graft Buster Falls Under Graft Probe
Huawei Sues U.S. Telecoms Regulator Over Sales Ban
Chinese Video Streaming Service iQiyi Eyes Subscribers Abroad and Mulls Price Hikes at Home
ByteDance-Backed App TikTok is Creating Stars and Destroying Lives in India
Nintendo Partners With Tencent to Launch Switch in China
Baidu Posts Net Loss of $47 Million for First Quarter

By Han Wei / May 17, 2019 06:34 AM / Business & Tech

Photo: VCG

Photo: VCG

Chinese search giant Baidu Inc. reported its first loss since going public in 2005, reflecting slowing sales and rising business costs.

Baidu posted a net loss of 327 million yuan ($47.3 million) for the first quarter ended March 31, compared with net income of 6.69 billion yuan a year earlier, according to Baidu’s unaudited financial report released Thursday.

Revenue grew 15% for the quarter to 24.1 billion yuan, Baidu said. Online marketing revenues, a major contributor to overall sales, rose nearly 3% to 17.66 billion yuan, mainly backed by growth in education, retail and business services, the company said, while health care, online games services and financial services were less vibrant.

"Despite government policies to improve the market condition for small and medium enterprises, we anticipate online marketing in the near term to face a challenging environment," Chief Financial Officer Herman Yu said.

For the second quarter of 2019, Baidu expects revenue to be between 25.1 billion yuan and 26.6 billion yuan, falling below analysts’ expectations. Its shares were down 8% in extended trading.

At the end of March 2019, the company had 174 million daily active users, up 28% from the year-ago period.

While announcing the first quarter results, Baidu said it accepted the resignation of Xiang Hailong, senior vice president of the search business. Xiang served at Baidu for 14 years.

Share this article
Open WeChat and scan the QR code