Beijing, 17th November: Earlier this week, Baidu, the leading Chinese language Internet search provider, released its financial results for the quarter ended 30th September 2021. Revenues in the quarter were US$4.95 billion, an increase of 13% year-on-year.

However, the company posted a huge net loss of US$2.57 billion in the quarter, compared with a net profit of just over US$2 billion in the same quarter of 2020. The loss included a US$2.93 billion non-cash, mark-to-market loss in a long-term investment.