Baidu second-quarter results beat estimates, but overshadowed by iQIYI probe

13 Aug by Vitaliy Dadalyan

Baidu second-quarter results beat estimates, but overshadowed by iQIYI probe

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Baidu second-quarter results beat estimates, but overshadowed by iQIYI probeBaidu’s second-quarter revenue fell 1% to 26.0 billion yuan ($3.8 billion) from the same period a year earlier but was better than an average analyst estimate of 25.7 billion yuan. Shares in iQIYI, a Netflix-like video-streaming service, plunged as much as 19% while Baidu shares dropped 5.5% in after-hours trade. It said it could not predict the timing, outcome or consequences of the probe and had hired professional advisers to conduct an internal review.