US-listed shares of Baidu fall after downbeat Q2 revenue

U.S.-listed shares of China's Baidu BIDU.O fell 2.5% to $101.50 in premarket trading after the company reported a 4% decline in revenue to 31.33 billion yuan ($4.65 billion) in the second quarter, below analysts' average estimate of 31.96 billion yuan, according to data compiled by LSEG.

Up to the last close, the stock was down about 20% this year.

The company said online marketing services segment revenue totaled 13.1 billion yuan, down 19% from a year earlier.

"While our online marketing business remains under pressure, the growing momentum in our core AI-powered business reaffirms Baidu's transition from an internet-centric company to an AI-first company," Robin Li, co-founder and CEO of Baidu, said.