Baidu reported a quarterly loss for the first time
Chinese search engine and AI giant Baidu revealed its financial report for the first three months, which flagged a quarterly loss of RMB 330 million (around $48 million). This is the first time since being listed in 2005 that Baidu reported a net loss. The skyrocketing expense of the Chinese New Year’s activities which was in alliance with the Spring Festival Gala sponsored by the national broadcaster China Central Television, has taken its toll on the company’s profits. Baidu’s CEO Robin Li, despite the current grim situation, holds a positive outlook for the rest of 2019. Several business units have performed well despite an overall lackluster performance, ranging from short videos to mobile search, adding that AI technology is upholding the promise of the near future.