Day: May 18, 2020

Baidu sees robust quarter as China’s economy reopens

(Reuters) – Chinese search engine giant Baidu Inc forecast second-quarter revenue above expectations on Monday, as businesses reopen in the world’s second-largest economy after strict lockdowns to curb the spread of the coronavirus.

A logo of Baidu is seen at the company’s headquarters in Beijing, following the novel coronavirus disease (COVID-19) outbreak, China May 18, 2020. REUTERS/Tingshu Wang

Baidu’s U.S.-listed shares jumped 8% in extended trading after the company also reported a smaller-than-expected drop in first-quarter revenue and easily beat profit estimates.

China’s stalled economy is starting up much earlier than Europe and the United States, which are easing restrictions gradually as they struggle with high reported infections and deaths from COVID-19, a disease caused by the novel coronavirus.

Baidu forecast current-quarter revenue between 25.0 billion yuan and 27.3 billion yuan, while analysts on average had expected 25.55 billion yuan.

The company said daily active users for Baidu App surged

Read More

Disney’s streaming chief Mayer to become TikTok CEO

FILE PHOTO: Kevin Mayer, Disney’s head of direct-to-consumer division, on the floor at the New York Stock Exchange (NYSE) in New York, U.S., October 22, 2019. REUTERS/Brendan McDermid

(Reuters) – Walt Disney Co’s (DIS.N) top streaming executive, Kevin Mayer, will leave the entertainment and theme parks giant to become the chief executive officer of Chinese company ByteDance Technology Co’s popular video app TikTok, the companies said on Monday.

Mayer led the successful launch of the Disney+ streaming service in November but in February was passed over for the chief executive job at Disney.

TikTok, which allows users to create short videos with special effects, is rising in popularity among teenagers and has become a cultural trendsetter.

The Chinese ownership of ByteDance, however, has sparked concerns in Washington.

In November, the U.S. government launched a national security review of ByteDance’s $1 billion acquisition of social media app Musical.ly. Two

Read More

Baidu forecasts current-quarter revenue above estimates, shares rise

A logo of Baidu is seen at the company’s headquarters in Beijing, following the novel coronavirus disease (COVID-19) outbreak, China May 18, 2020. REUTERS/Tingshu Wang

(Reuters) – Chinese search engine giant Baidu Inc forecast second-quarter revenue above expectations after beating earnings estimates, as the world’s second-largest economy reopens after lockdowns imposed to curb the spread of the coronavirus.

The company’s U.S.-listed shares were up 5% in extended trading on Monday.

“With the pandemic coming under control in China, offline activities are rebounding and Baidu stands to benefit from a restart of the Chinese economy,” Chief Executive Officer Robin Li said in a statement.

Baidu, whose search engine dominates the market in China, forecast second-quarter revenue between 25.0 billion yuan and 27.3 billion yuan, while analysts on average had expected 25.55 billion yuan, according to IBES data from Refinitiv.

Total revenue fell to 22.55 billion yuan ($3.17 billion) for the first

Read More

EU’s Breton tells Facebook’s Zuckerberg the fake news buck stops with him

FILE PHOTO: Facebook Chairman and CEO Mark Zuckerberg testifies at a House Financial Services Committee hearing in Washington, U.S., October 23, 2019. REUTERS/Erin Scott

BRUSSELS (Reuters) – EU industry chief Thierry Breton on Monday warned Facebook CEO Mark Zuckerberg that his social media firm and other tech giants may be subjected to tough rules if they do not step up efforts to take down disinformation.

“When you are the CEO, at the end of the day, you are the only one to be responsible, no one else,” Breton said during an online event organised by the Centre on Regulation in Europe (CERRE).

Breton told Zuckerberg three months ago, during a visit to Brussels, that he must adapt to Europe’s standards, and not the other way round.

Regulators around the world have urged social platforms such as Facebook, Google and Twitter to do more to stop the flow of disinformation, especially

Read More