Caixin Global – Latest China News & Headlines

Home >


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.

Students at a Xi’an University Scream Over Quarantine Conditions
Industrial Drone-Maker Jouav Navigates Tech Tensions With IPO Plans
Trending in China: Reality TV Goes Viral for All the Wrong Reasons as Star Picks Endangered Flower
Can Baidu Make ‘Traffic Jams a Thing of The Past’ and Turn Finances Around?
Will Beijing’s Crackdown on E-Commerce Illegal Sales Save Yangtze River Wildlife?
China-focused Northern Light Looks to Raise $375m for New VC Fund
China Looks to Overhaul State Health Insurance System
Gree’s E-Commerce ‘New Retail Strategy’ Goes From Strength to Strength as $175m Worth of Products Sold in Single Event
Trending in China – Clothing Company Picks Fight With Shaolin Kung Fu Monastery
Trending in China: Medical Drama Salutes Pandemic Heroes but Stirs Sexism Debate
Trending in China – Can Universities Stop Students Wasting Food And Keep Them Happy?
Alibaba Unveils Delivery Robot to Meet ‘Last-Mile’ Demand
Alibaba Launches Palm-Sized Cloud Computer With ‘Almost Unlimited Computing Resources’
China’s National Science Academy Vows to Close Tech Gaps in 10 Years
Trump’s WeChat Ban May Face Temporary Halt by U.S. Judge
Tencent Clinches Deal to Show England’s Premier League in China
Alibaba Unveils ‘Digital Factory’ as Part of Its ‘New Manufacturing’ Strategy
Trending in China: Basketballer Jeremy Lin - Dream Chaser or Delusional? Netizens Divided as Star Leaves CBA for NBA
Trending in China – The Case of the ‘Missing’ iPhone12
Kuaishou Logs 500 Million Online Shopping Orders in August
Baidu CEO Robin Li Chirps Up Achievements Despite Quarterly Loss

By Matthew Walsh / Nov 08, 2019 05:49 PM / Business & Tech

Photo: VCG

Photo: VCG

Baidu may have posted a third-quarter net loss on Wednesday, but founder and CEO Robin Li is puffing his chest out about the online search leader’s recent achievements.

In an internal email to Baidu staff on Thursday verified by Caixin, Li wrote that the negative figure partly stemmed from the application of accounting standards known as GAAP, which are required by the U.S. securities regulator, to the company’s financial performance. By those metrics, Baidu made a net loss of 6.4 billion yuan ($892 million) during the third quarter, due in part to an 8.9 billion yuan write-down on its investment in, the leading online travel agent formerly known as Ctrip.

When Baidu excluded such write-downs and other accounting items to create its own non-GAAP figure to “provide meaningful supplemental information regarding its performance,” the company made a net profit of 4.4 billion yuan, Li wrote. “This kind of performance was secured despite the impacts of many uncertain and interrelated elements, making them even more remarkable,” he added. “It shows that our recent positive reforms are already yielding preliminary results.”

Baidu has also created “China’s leading knowledge- and information-centered mobile ecosystem,” Li added. Citing the company’s push into artificial intelligence, he wrote that “in the future, Baidu will fully demonstrate its advantages in the AI sphere and become a founder of the smart-economy era.”

Baidu’s latest quarterly net loss contrasts with the 12.4 billion yuan profit it turned during the third quarter of last year. Revenue for the latest quarter came in at 28.2 billion yuan, a slight decrease from last year but better than Wall Street’s predictions.

Contact reporter Matthew Walsh (

Related: Baidu Reports 3Q Loss on Investment Write-Down

Share this article
Open WeChat and scan the QR code