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Baidu’s Revenue Drops as China’s Economic Slowdown Hurts Tech Giants

By
Juro Osawa
· · Source: The Information

Chinese search giant Baidu’s revenue for the second quarter fell 5% as ad sales dropped amid China’s sharp economic slowdown due to Covid-19 lockdowns. Baidu’s Nasdaq-listed stock plunged 6.5% Tuesday after the quarterly results came out. Baidu’s revenue decline reflects the harsh business climate facing China’s biggest internet companies. Earlier this month, Alibaba and Tencent reported their...

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