Baidu recently reported a 1% year-on-year decrease in revenue for the second quarter at RMB 26.03 billion. The Chinese search engine giant is anticipating that the business impact of the COVID-19 pandemic will further shrink the revenue in Q3, as advertisers are tightening their belts when it comes to online marketing. Besides, Baidu is confronting fierce competition from Bytedance and Tencent, both of which offer attractive and popular advertising formats to users.
