Baidu, China's top search engine, posted its first loss as a listed company in the three months to March, warning that a slowdown in the world's second-largest economy was threatening its online advertising business.
The company, dubbed China’s Google and once one of the three titans of China’s tech scene before falling rapidly behind Alibaba and Tencent, also announced the departure of the head of its search business, 14-year Baidu veteran Hailong Xiang.
Plans for a $1bn share buyback programme were not enough arrest a steep drop in the group’s American Depositary Receipts, which plunged 9.7 per cent in after-hours trading.
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