Baidu’s ad revenue tanks 8% in fiscal Q2 due to the Coronavirus pandemic

Baidu Inc. (NASDAQ: BIDU) said on Thursday that its ad revenue tanked 8% on a year over year basis to £1.95 billion in the fiscal second quarter. The company, however, topped analysts’ estimates for adjusted profit and revenue in Q2. Baidu had also performed better than Wall Street expectations in its fiscal first quarter, as per the report published in May. Nasdaq listed shares of Baidu tanked about 7% in after-hours trading on Friday. Including the decline, Baidu is now exchanging hands at £88.66 per share versus £64 per share in March when the Coronavirus pandemic halted economic activity in