Baidu, China’s biggest Internet search firm, reported a 34% fall in quarterly net income—its biggest ever decline since going public—hurt by a healthcare scandal that embroiled the company this year.
The company’s net income fell to 2.41 billion yuan ($362 million) in the April-June quarter from 3.66 billion yuan a year earlier, Baidu said in a statement on Thursday.
Baidu was expected to post net income of 2.42 billion yuan, according to a Thomson Reuters survey of eight analysts.
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Baidu’s revenue rose 10.2% to 18.26 billion yuan from 16.58 billion yuan a year earlier, marking its slowest growth in nearly eight years.
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Analysts had expected revenue to rise 9.6%.