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China tech

Baidu stock surges despite 62% profit drop

Search giant blames slowdown on softening macroeconomy

Once grouped together with Alibaba Group Holding and Tencent Holdings, Baidu is losing steam to ByteDance.   © Reuters

TOKYO -- Chinese search engine giant Baidu reported better-than-expected second quarter earnings on Aug. 19, sending shares in the Nasdaq-listed company 8.4% higher in after-hours trading despite a 62% fall in profit.

The company said it managed to gain ground in video streaming despite stiff competition from short-video app TikTok, with revenue rising 1.4% to 26.3 billion yuan ($3.8 billion) for the three months ended June 30, surpassing analysts estimates of around 25.8 billion yuan.

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