Baidu offers grim forecast after first loss

BEIJING–After posting its first-ever quarterly revenue decline, Chinese internet firm Baidu Inc. said it expected more losses to come as the search engine continues to reel from a medical scandal and heightened regulatory environment that has hammered its advertising business. Baidu on Friday reported lower-than-expected revenue of 18.25 billion yuan ($2.74 billion), a dip of 0.7% from the same period a year earlier. Much of that decline came from a 6.7% drop in online marketing revenue, as the number of advertisers plunged by 16%. Chief executive Robin Li said the smaller customer base was a result of two forces: a tougher vetting process for advertisers, which led the company to remove a portion of them, and the aftermath of a new advertising law that went into effect in September. The…

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