Baidu risks losing China 'Big Three' status after bad quarter
HONG KONG -- China's top search engine Baidu has unveiled its first loss in 14 years, amid regulatory headwinds, a softer Chinese economy and the departure of top talent.
Known as the "Google of China," Nasdaq-listed Baidu lost 327 million yuan ($49 million) in the January-March quarter, according to its filing on Thursday night U.S. time. It is the company's first net loss since listing in 2005.
The weak showing risks knocking Baidu out of the so-called Big Three tech companies of China, alongside e-commerce platform Alibaba Group Holding and social media leader Tencent Holdings. Though often grouped together as the "BAT" companies, Baidu is increasingly lagged behind the two companies in financial performance.
