Baidu says first-quarter revenue may tumble as coronavirus takes toll on business, advertising

Baidu Inc, China's biggest search engine company, said first-quarter revenue could fall as much as 13per cent from a year earlier as the coronavirus epidemic puts the brakes on economic activity and advertising.

"The rebound of the economy after the outbreak will continue to be a long-term project," Baidu CEO Robin Li said in an internal letter obtained by Reuters. Its contents were later confirmed by the company. Baidu executives stressed, however, that they believed a gradual pick up in business was underway and that advertising demand would rebound as the epidemic ends.

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