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China's Baidu posts second-ever loss as advertising stagnates

One-off investment loss bites as CEO cites smartphone transition among key issues

Baidu has said it is struggling to adapt to changing user behavior, including the shift from PCs to smartphones.   © Reuters

HONG KONG -- Chinese search engine giant Baidu swung to its second-ever quarterly loss as a travel company investment soured and growth in its core advertising operations remained weak.

Known as the "Google of China," Nasdaq-listed Baidu lost nearly 6.4 billion yuan ($892 million) in the July-September quarter, according to its filing on Wednesday night in the U.S. It is Baidu's second net loss since the company went public in 2005. In the first quarter of this year, Baidu reported a net loss of 327 million yuan.

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