Chinese search engine giant Baidu Inc posted quarterly revenue a notch ahead of estimates, but its shares slid in extended trade after its streaming service iQIYI said it was being probed by the U.S. Securities and Exchange Commission.
FILE PHOTO: A worker wearing a face mask cleans the floor, near a Baidu AI robot which shows a face mask on its screen, at Baidu's headquarters in Beijing, following the novel coronavirus disease outbreak, China May 18, 2020. REUTERS/Tingshu Wang
But the results were overshadowed by iQIYI’s disclosure of the investigation. Shares in iQIYI, a Netflix-like video-streaming service, plunged as much as 19% while Baidu shares dropped 5.5% in after-hours trade. Both are listed on the Nasdaq. Baidu Chief Financial Officer Herman Yu told a conference call the company was unable to comment directly on iQiyi’s probe but added the matter might take longer than normal to resolve due to the COVID-19 pandemic.
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