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Baidu Posts Its Biggest Decline Ever Since Going Public

Baidu Inc.'s Autonomous Car Project And Senior Vice President Wang Jing InterviewBaidu Inc.'s Autonomous Car Project And Senior Vice President Wang Jing Interview
Baidu's autonomous car stands at the company's headquarters in Beijing, China, on Tuesday, Jan. 19, 2016. Photograph by Qilai Shen — Bloomberg via Getty Images

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%.