Beijing, 6th November: Earlier this week, Baidu, the leading Chinese language Internet search provider, released its financial results for the quarter ended 30th September 2019. Revenues in the quarter were US$3.9 billion, flat compared with the previous year. The company posted a rare net loss (US$892 million), compared with a profit of US$1.8 billion in the same quarter of 2018.

Baidu attributed the loss to a non-cash impairment loss of RMB 8.9 billion (US$1.2 billion) on equity investments that recorded a significant decline in valuation.