The Presidential Daily Brief

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    ‘China’s Google’ Logs First Ever Quarterly Loss

    Thanks in part to a slowing economy, Chinese internet giant Baidu faces a rocky road ahead after reporting a Q1 net loss of $47.5 million. Surging research and development costs and investment in video streaming contributed to its first quarterly loss since going public in 2005, and American repository shares fell 8 percent yesterday in extended trading. “For senior managers, saying ‘I have tried’ is not enough,” CEO Robin Li said in a memo to employees.

    How big is Baidu? Although it commands 70 percent of China’s search market, rivals like Alibaba and Tencent are challenging its dominance through so-called “super apps.”

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