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 achieve the mass market because it unveiled troubled first-quarter financials on Thursday.
The firm logged a web 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 web earnings of 6.69 billion yuan a 12 months earlier than.
Baidu is the most important search service in China and has reaped big rewards from search advertisements within the PC period. But as shoppers allocate their consideration to new types of cellular companies — notably recommendation-based apps to find content material — Baidu is dropping its enchantment.
Xiang Hailong, senior vice chairman of Baidu’s search enterprise, resigned after serving the corporate since 2005, introduced the earnings report. The search large 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 % year-over-year.
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