Baidu warns on ‘subdued’ China consumer spending despite stimulus

Baidu warns on 'subdued' China consumer spending despite stimulus

HONG KONG — Chinese internet giant Baidu reported its biggest quarterly sales contraction in two years as online ad sales, the company’s core revenue source, fell short of expectations.

In an earnings call, interim Chief Financial Officer He Junjie said he has not seen “notable improvement” in advertising spending from key clients despite Beijing’s recent efforts to stimulate the economy.



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