By Brian Swint
Baidu, the operator of the popular Chinese internet search engine, was falling early Thursday even after reporting an earnings beat.
The company's American depositary receipts were down 2.9% at $84.20 in premarket trading. Coming into the session, the shares have fallen 27% this year.
Baidu's results weren't particularly bad--it posted better-than-expected profit on revenues that were in line with what analysts anticipated. But it has failed to shake off problems growing advertising sales--online marketing services, which comprise more than half of revenue, were down almost 6% in the quarter.
The company is still expanding its artificial intelligence cloud computing business, but it hasn't been enough to bolster shares. Other technology firms are still getting a lift from optimism about AI. Shares of Chinese tech rivals such as retailers Alibaba and JD.com, or social site Tencent, have also done much better than Baidu this year.
Write to Brian Swint at brian.swint@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
November 21, 2024 05:40 ET (10:40 GMT)
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