Baidu (BIDU) shares are coming under pressure this morning after China’s CCTV reported Sunday that the company and other search engine have profited from the the promotion of 3 Web sites that sell counterfeit drugs, Reuters reports.
Two years ago, CCTV aired a similar report on Baidu selling search ads to unlicensed medical sites, triggering a more than 20% drop in the company’s shares, a hit to earnings and a public apology by the company’s CEO.
BIDU is down $3.17, or 4.1%, to $70.36.
The company s due to report financial results later today.
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