Baidu gave investors something to cheer with unexpected growth in video. Its main search business is hurting, though, and the ad outlook is weak. ByteDance and Meituan Dianping are coming for the Chinese internet company, too.
Chinese search-engine operator Baidu on Aug. 19 reported a 62% decline in quarterly net profit from a year earlier and a revenue gain of 1%, numbers that were better than analysts had been expecting thanks to its video streaming service.
Baidu said net profit in the second quarter was 2.4 billion yuan compared to 6.4 billion yuan in second quarter 2018. Analysts were expecting 957 million yuan, according to an average compiled by Refinitiv. Revenue was 26.3 billion yuan compared to an average forecast of 25.8 billion yuan.
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