Baidu Q2 Revenue Drops 4% YoY as Ad Sales Slide 19%

On August 18, Baidu released its second-quarter financial results, reporting revenue of RMB 31.3 billion, a 2% decrease quarter-over-quarter and a 4% decline year-over-year, marking the fourth consecutive quarter of year-over-year revenue contraction. Of this, online marketing services generated RMB 13.1 billion in revenue, down 19% year-over-year. According to publicly available information, Chinese private aerospace company Spacety has completed a financing round of nearly RMB 7 billion, achieving a valuation of RMB 50 billion.