Baidu, broadly seen because the Google of China, felt the warmth from its spending on synthetic intelligence and different next-gen applied sciences which have but to succeed in the mass market because it unveiled troubled first-quarter financials on Thursday.
The corporate logged a internet loss attributable to shareholders of $49 million within the quarter ended March 31, marking the primary quarterly loss because it went public in 2005. That compares to internet revenue of 6.69 billion yuan a 12 months earlier than.
Baidu is the most important search service in China and has reaped enormous rewards from search advertisements within the PC period. However as customers allocate their consideration to new types of cellular companies — notably recommendation-based apps to find content material — Baidu is shedding its attraction.
Xiang Hailong, senior vp of Baidu’s search enterprise, resigned after serving the corporate since 2005, introduced the earnings report. The search big has renamed its search enterprise to a brand new ‘mobile business’.
Baidu’s income for the quarter rose barely to 24.1 billion yuan ($3.5 billion), up 15 p.c year-over-year.
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