Baidu Slides After Revenue Drop Adds to Concerns Over Economy

Shares of the China-based tech giant jumped Tuesday following second-quarter profit and revenue that beat expectations, boosted by strength in its cloud services as the demand for internet applications increased. Sales dipped to 29.6 billion yuan ($4.3 billion) in the April-June period, above the consensus estimates compiled by Bloomberg, while net income came to 3.6 billion yuan, surpassing the 2.2 billion yuan expected.