The firm recorded a net loss of US$49 million in the first quarter of 2019, compared to a net profit of US$970 million a year before. (Barron’s)
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The firm recorded a net loss of US$49 million in the first quarter of 2019, compared to a net profit of US$970 million a year before. (Barron’s)
Talking point: Since Google’s 2010 retreat from China, Baidu has had a near-monopoly on the country’s search market. But the company is heavily reliant on desktop advertising for its revenue, which is an increasing problem as more users switch to mobile. It is also facing pressure from TikTok, a short-video app, which is raking in advertising dollars by selling to its largely young audience of more than 500 million monthly active users. Baidu has also invested billions in self-driving cars and artificial intelligence, which might pay off in the long term, but are currently cost centres. For now, the company is bullish on its future. While its stock price is down, its board announced it may repurchase US$1 billion in shares.
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