Baidu Posts Higher Profit but Its Momentum Slows
Originally posted on The Wall Street Journal
Chinese Internet search giant Baidu Inc. said fourth-quarter net income rose 31%, but its results showed the effects of both China’s economic slowdown and a move to stop taking paid search ads from some customers, including unlicensed medical providers.
While revenue rose 58% from a year earlier, it fell from the third quarter and Baidu predicted another sequential decline ahead, a sign that recent controversies over its listing practices and the broader economy will continue to have an impact.
“We expect many of our customers will be affected by weak macro conditions and the typical seasonality around the Chinese New Year,” Chief Executive Robin Li said in a conference call with analysts.
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