Baidu faces $45m equity investment loss
Updated: 2012-04-26 18:51
China's top search engine Baidu Inc suffered an equity investment loss of $45 million according to its quarterly report issued Wednesday, Beijing News reported Thursday.
The loss mostly came from iqiyi.com, the online video arm of Baidu, and part of the loss came from youa.com, Baidu's e-commerce project, said Li Xinzhe, CFO of Baidu.
Baidu made an additional investment of $23 million in the third quarter of last year after iqiyi.com used up the $50 million of first round of financing.
The company's revenue in the second quarter is expected to reach $857.1 million, which is lower than the average expectation of Wall Street analysts, $862.8 million.