You will be redirected back to your article in seconds

Baidu feeling global crunch

Search engine lowers 4th qtr. revenue target

Chinese Internet giant Baidu is the latest company to show that the financial tsunami is having truly global effects on media companies.

The Nasdaq-listed search engine revised down its fourth-quarter revenue forecasts from a previous range of 1.05 billion yuan ($155 million) to a 15% lower target of $131 million.

“The economic slowdown in China is having a greater than expected impact on online marketing particularly in machinery and franchising,” company said in a statement.

But chairman and CEO Robin Li forecast a return of business after a period of shakeout.

“As online marketing customers adjust to the current difficult economic environment, we believe they will increasingly realize the value of paid Internet search as a very powerful performance-based model,” Li said.

More Digital

  • Inside Out Best Animated Film Oscar

    A Team of MIT Scientists Taught an AI to Get Emotional Over Movies

    Chinese Internet giant Baidu is the latest company to show that the financial tsunami is having truly global effects on media companies. The Nasdaq-listed search engine revised down its fourth-quarter revenue forecasts from a previous range of 1.05 billion yuan ($155 million) to a 15% lower target of $131 million. “The economic slowdown in China […]

  • Abu Dhabi skyline seen from the

    Image Nation Abu Dhabi, U.K. Studio Alchemy VR Team for Immersive Content

    Chinese Internet giant Baidu is the latest company to show that the financial tsunami is having truly global effects on media companies. The Nasdaq-listed search engine revised down its fourth-quarter revenue forecasts from a previous range of 1.05 billion yuan ($155 million) to a 15% lower target of $131 million. “The economic slowdown in China […]

  • David Spiegel - Inverse

    Media Startup Inverse Hires David Spiegel, Ex-CNN and BuzzFeed Sales Exec

    Chinese Internet giant Baidu is the latest company to show that the financial tsunami is having truly global effects on media companies. The Nasdaq-listed search engine revised down its fourth-quarter revenue forecasts from a previous range of 1.05 billion yuan ($155 million) to a 15% lower target of $131 million. “The economic slowdown in China […]

  • shazam

    Apple to Acquire Shazam for About $400 Million (Report)

    Chinese Internet giant Baidu is the latest company to show that the financial tsunami is having truly global effects on media companies. The Nasdaq-listed search engine revised down its fourth-quarter revenue forecasts from a previous range of 1.05 billion yuan ($155 million) to a 15% lower target of $131 million. “The economic slowdown in China […]

  • Google Home entryway

    Google Looking to Add Multi-Touch to Next-Gen Google Home Hardware (EXCLUSIVE)

    Chinese Internet giant Baidu is the latest company to show that the financial tsunami is having truly global effects on media companies. The Nasdaq-listed search engine revised down its fourth-quarter revenue forecasts from a previous range of 1.05 billion yuan ($155 million) to a 15% lower target of $131 million. “The economic slowdown in China […]

  • Trolls

    'Trolls' Leaps from TV to Top of DVD Sales Chart

    Chinese Internet giant Baidu is the latest company to show that the financial tsunami is having truly global effects on media companies. The Nasdaq-listed search engine revised down its fourth-quarter revenue forecasts from a previous range of 1.05 billion yuan ($155 million) to a 15% lower target of $131 million. “The economic slowdown in China […]

More From Our Brands

Access exclusive content