Posted 2/28/2024, 7:04:36 PM
Baidu Earnings Plunge 50% as China's Economic Slowdown Takes Toll on Tech Stocks
- Baidu reported disappointing Q4 results with revenue up 6% but earnings down 50%, missing expectations.
- Concerns persist about China's weakening economy, including high unemployment, slowing growth, lower consumer spending.
- China's real estate crisis continues with major developer Evergrande now in liquidation.
- China announced crackdowns on short-selling and quantitative trading, spooking investors.
- Stocks like Baidu, Alibaba, and Tencent depend heavily on strong consumer spending, so a weak economy hurts them.