Chinese search giant Baidu Inc. Baidu achieved a net loss of 327 million yuan ($ 47.3 million) for the first quarter of March 31, compared to a net income of $ 6.69 billion a year earlier, according to Baidu's unaudited financial report released Thursday.
Revenue increased by 15% for the quarter to 24.1 billion yuan, Baidu said. Online market revenues, a major contributor to total sales, rose almost 3% to 17.66 billion yuan, mainly supported by growth in education, retail and business services, the company said, while healthcare, online services and financial services were less alive.
"Despite the government's policy of improving market conditions for small and medium-sized businesses, we expect online marketing in the short term to meet a challenging environment," says CFO Herman Yu.
For the second quarter of 201
At the end of March 2019, the company had 174 million active active users, an increase of 28% from last period.
With the announcement of the quarterly result, Baidu said it accepted the resignation of Xiang Hailong, senior vice president of the search service. Xiang served at Baidu for 14 years.