Shares of Baidu (BIDU) slumped more than 11% on Tuesday a day after the Beijing-based search engine revealed its slowest profit growth since 2009 amid growing competition and China’s weakening economy.

In the wake of the earnings report, the Google-rivaling (GOOG) company in Asia was slapped with a handful of downgrades and negative notes from analysts.  

Raymond James (RJF) cut Baidu to “market perform” from “outperform,” while Barclays (BCS) axed its price target on the search engine to $108 from $113 previously on an “equal weight” rating.

Stifel Nicolaus cut Baidu to “hold” from “buy” and Brean Capital lowered its target price on Baidu to $120 from $125 but maintained its “buy” rating.

Baidu on Monday evening posted a 36% increase in quarterly profit, the softest improvement in four years.

Its revenue climbed nearly 42% to $1.02 billion and topped Wall Street expectations, however analysts are warning that sales could be pressured going forward as Chinese users change their habits and competition continues to intensify.

Follow Jennifer Booton on Twitter at @Jbooton