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Tuesday, October 27, 2009
Baidu Shares Plunge on Disappointing Revenue View
By Kathryn Glass
FOXBusiness
Baidu, Inc. (BIDU) the parent company of Chinese search engine Baidu.com saw shares plunge $49.31 or 11.39% in Tuesday’s session after the company projected disappointing sales numbers on Monday.
The company said it is expecting revenue to range between $174 million and $180 million in the fourth-quarter, missing analyst expectations for $205 million.
Baidu blamed the discontinuation of its old marketing program, Online Marketing Classic Edition, for the disappointing forecast.
The stock closed at $383.66 per share on Tuesday, and was trading higher, up $1.09 or 0.28% in after-hours.
