Baidu (BIDU) presented 1Q19 results, which resulted in a 16% trading decline on the next day. Analysts attributed it to a gloomy outlook. However, it must have been more than that. The company was already beaten after weeks of the trade war and after months of cooling of the Chinese economy.
I think that the most frightening fact stemming from the company's earnings presentation was the quarterly net loss. Investors saw Baidu as the Chinese Google. A profitable search engine for Chinese speaking public. The losses and gloomy outlook, presented by the company,