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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China's Baidu cuts revenue forecast on ad scandal AP - Saturday, December 13 BEIJING - Baidu.com Inc., China's leading search engine, is cutting its projected revenues by up to 15 percent after it dropped some advertisers because of a scandal over unlicensed companies selling medical products. Fourth-quarter revenues are expected to be 890 million yuan to 900 million yuan (US$131 million-US$133 million), down from the previously forecast 1.025 billion yuan to 1.055 billion yuan ($151 million to $155 million), the company said in a filing Friday with the U.S. Securities and Exchange Commission. Baidu blamed China's economic slowdown and the removal of listings for medical advertisers that failed to provide licenses and some other "questionable" advertisers. It gave no indication it expects a long-term impact. Baidu was jolted in November after Chinese state television reported that it allowed unlicensed medical suppliers to use its paid-search service, which lets customers pay for higher rankings on its results page. The company's U.S.-traded shares fell 30 percent in the first trading session after the report. Baidu said at the time it was not legally required to confirm that advertisers were licensed. But industry analysts said it had to take action to reassure customers amid a string of scandals in China over deaths and injuries caused by tainted or counterfeit milk, medicines and other products. Baidu has some 60 percent of China's search market, well ahead of No. 2 Google Inc., and said profits in the last quarter rose 91 percent from a year earlier. "I am confident that Baidu will enhance our market position," CEO Robin Li said in the SEC filing. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China Yanjing Brewery placement raises $164 mlnReuters - 55 minutes ago S.Korea vows cooperation with China, Japan on crisisReuters - 1 hour 14 minutes ago China Hainan Air to buy $344 mln of group assetsReuters - 1 hour 24 minutes ago German bourse opens office in Beijing: statementAFP - 1 hour 27 minutes ago Related Articles: Business China Yanjing Brewery placement raises $164 mlnReuters - 55 minutes ago S.Korea vows cooperation with China, Japan on crisisReuters - 1 hour 14 minutes ago Pakistani cenbank sells 13.5 bln rupees of T-billsReuters - 1 hour 16 minutes ago China Eastern names rival chief as directorReuters - 1 hour 18 minutes ago China Hainan Air to buy $344 mln of group assetsReuters - 1 hour 24 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US carmakers mull options as White House vows aid US Senate fails to reach deal on auto bailout Autism, other disorders linked to post-natal factors: study Muslim pilgrims stone Satan at the hajj Sarcasm finds medical use in dementia detection View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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