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

  • MUBI Giving Away Subscriptions to Film

    MUBI Giving Away Subscriptions to Film Students (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 […]

  • Netflix placeholder

    Netflix Partners With Dubai-Based Pay-TV OSN in Middle East and North Africa

    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 […]

  • reddit ban

    Reddit Bans Community for Deepfake Sex Tape Software

    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 […]

  • Snapchat redesigned app

    Snapchat, Ignore the Haters: History Shows Freak-Outs Over Redesigns Subside

    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 […]

  • Magic Leap

    How Magic Leap Wants to Help Publishers Bring Their Videos to Mixed Reality (Q&A)

    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 […]

  • A Bad Moms Christmas

    'Bad Moms', 'Only the Brave' Take Two Top Spots on Disc Sales Charts

    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