What's moving markets today: Live updates - CNN

Chinese search engine Baidu (BIDU) has reported a net loss of 327 million yuan ($47 million) for the three months of the year, sending its stock down more than 10% in premarket trading and wiping nearly $5.8 billion off its market value.

That compares with a profit of 6.7 billion yuan during the same period last year, and marks the company's first loss since it went public in 2005.

CEO Robin Li said the sharp drop in earnings was due in part to China's broader economic slowdown and increased government scrutiny of online content, which had hurt the company's core business.

Online marketing accounted for 73% of Baidu's quarterly revenue of $3.6 billion.

Li, during an earnings call, said:

Although the Chinese government has announced many economic policies to bolster the economy ... we are taking a cautious view that online marketing in the near term will face a more challenging environment."

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https://www.cnn.com/business/live-news/stock-market-news-today-051719/index.html

2019-05-17 14:00:00Z
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