Baidu posts second quarter profit of $559mn, misses expectations
July 28 , 2015
Chinese online search giant Baidu has posted an operating profit of $559 million in the second quarter ending June 30, a 2.5% drop from the same period in the previous year.
The company's performance was lower than expectations, with its main search engine business proving less profitable due to increased competition. Last month Baidu said it would invest more in ventures like electronic wallets. The firm has posted second quarter revenue of $2.67 billion, up 38.5% from last year.