Baidu Slides After Revenue Drop Adds to Concerns Over Economy
- Shares slide 6.5% as analysts point to challenging environment
- Its Netflix-like arm iQiyi places $500 million notes with PAG
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Baidu Inc. plunged its most in more than two months after the company reported a decline in revenue, adding to concerns about the impact of China’s weakening economy on the private sector.
The Chinese search leader’s sales slumped 5% to 29.6 billion yuan ($4.3 billion) for the April-June period, just above the average of analysts’ forecasts. Its shares slid 6.5% in New York.