(Bloomberg) — Baidu Inc.’s quarterly revenue shrank 1% and its projections suggest sales could slide again, as rivals like ByteDance Ltd. continue to chip away at its core advertising business.China’s leading search engine forecast sales of 26.3 billion yuan ($3.8 billion) to 28.7 billion yuan for the September quarter, compared with estimates for 27.62 billion yuan. Its shares slipped as much as 8% in extended trading after Netflix-style subsidiary iQiyi Inc. disclosed it was cooperating with a U.S. regulatory inquiry into allegations by Wolfpack Research that it inflated user numbers. Shares in iQiyi fell as much as 19%.Read more: Baidu-Backed …read more
Source:: Yahoo Finance
