Baidu posts first loss since 2005; search executive resigns [Business News Network (BNN) Energy & Resources (Canada)]
Baidu, Inc. - American Depositary Shares, each representing 8 ordinary share (BIDU)
Last baidu, inc. - american depositary shares, each representing 8 ordinary share earnings: 2/27 04:30 pm
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Source: Business News Network
Baidu posts first loss since 2005; search executive resigns Baidu Inc. ( BIDU.O ) posted a loss for the first time since going public in 2005, as China’s biggest online search service grapples with rising costs and slowing sales in a weakening economy. Hailong Xiang, senior vice president of the search business, resigned after 14 years at the company. Baidu’s American depository receipts fell more than 7 per cent in extended trading. The ADRs closed at US$153.70 in New York before the results. The board authorized a new US$1 billion stock buyback program. The net loss was 327 million yuan (US$47.5 million) for the three months ended March. that compares with the 187.5 million yuan average loss estimate. Revenue rose 15 per cent to 24.1 billion yuan. The 19-year-old internet giant, which controls about 70 per cent of China’s online search market, is trying to stay relevant in the mobile era. While it is sinking billions into new technologies from artificial intelligence to self-driving
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BIDU
Earnings
- 2/28/24 - Beat
BIDU
Sec Filings
- 4/12/24 - Form 6-K
- 4/2/24 - Form 144
- 3/18/24 - Form 6-K
- BIDU's page on the SEC website