HONG KONG -- Chinese internet giant Baidu reported its biggest quarterly sales contraction in two years as online marketing sales, the company’s core revenue source, fell short of expectations.
Revenue dropped 3% in the July-September quarter to 33.56 billion yuan ($4.78 billion) from the same period last year, worse than the average estimate of a 2.94% decline by analysts surveyed by LSEG. Net income came to 7.6 billion yuan.
