Heard on the Street: The company once considered China’s Google needs to search harder for growth
By Jacky Wong Updated Aug. 20, 2019 5:24 am ET Baidu, once considered China’s answer to Google, needs to search harder for growth.
Late Monday, Baidu reported flat revenue growth and a 62% drop in net profit for the quarter through June. However, expectations had gotten so low that these dismal results beat consensus estimates, according to S&P Global Market Intelligence. Baidu’s Nasdaq-listed stock jumped 8% in after-hours trading.
However, it is privately owned Bytedance, valued at $78 billion in a funding round last year, that poses the greatest competitive threat to Baidu. Bytedance owns two apps with viral content: news aggregator Toutiao and short-video app TikTok, known as Douyin in China.
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