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Baidu Revenue Outlook Disappoints; Shares Plunge

Published: Monday, 26 Oct 2009 | 6:29 PM ET

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By: Reuters

China's leading Internet search company Baidu warned that the transition to a new advertising technology would crimp revenue in the current quarter, sending shares plunging 11 percent.

AP
Receptionist at Baidu.com office

Baidu [BIDU Loading... () ] Monday forecast revenue in the fourth quarter to range between $174 million and $180 million, below the average analyst estimate of $204.7 million, according to Thomson Reuters I/B/E/S.

The company said it expects moderate year-over-year growth in the fourth quarter due to the "temporary negative impact" anticipated from discontinuing its Online Marketing Classic Edition.

Baidu said it would complete the switch to its Phoenix Nest advertising bidding system on Dec. 1.

Revenue in the three months ended Sept. 30 totaled $187.3 million, a tad below the average analyst estimate of $189 million but higher than the 135.4 million a year-earlier.