Baidu Crashes on Earnings Miss; Home Depot Surges on Strong Results

Baidu's stock plummeted by as much as 9% in pre-market trading after reporting a 4% year-over-year revenue decline, missing market expectations.

The Chinese tech giant's second-quarter revenue came in at RMB31.3 billion ($4.62 billion), down from RMB32.5 billion in the same period last year.

The company's net income attributable to Baidu was RMB2.3 billion ($342 million), with diluted earnings per ADS of RMB5.74 ($0.85).

Baidu CEO Robin Li noted that while online marketing business remains under pressure, the growing momentum in their core AI-powered Business reaffirms Baidu's transition from an internet-centric company to an AI-first company.