China's Bilibili, Other Internet Companies Drop in Hong Kong Trade
June 09 2022 - 11:28PM
Dow Jones News
By Yifan Wang
Shares of Chinese internet companies dropped in early Hong Kong
trade, extending the sector's heavy losses on Wall Street
overnight.
Video-streaming platform Bilibili Inc. led the selloff, with an
11% slump after the company on Thursday evening posted
worse-than-expected earnings for the first quarter. Its U.S.-traded
stock plunged 15% in New York.
Other internet companies also suffered. Search engine Baidu Inc.
was down 5.1% and short-video platform operator Kuaishou Technology
lost as much as 4.4%.
While the tech sector was broadly lower, with the Hang Seng TECH
Index falling 1.2%, losses were concentrated in companies that rely
heavily on online advertising operations, including Baidu and
Kuaishou.
In the first quarter, Bilibili's advertising revenue
particularly weakened compared to its other businesses, as clients
cut marketing budgets amid China's pandemic resurgence, Shanghai's
lockdown and muted consumption sentiment.
Revenue at Bilibili's advertising business rose 46% in the first
quarter, marking a sharp slowdown from its doubling growth momentum
in 2021.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
June 09, 2022 23:13 ET (03:13 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Baidu (NASDAQ:BIDU)
Historical Stock Chart
From Aug 2023 to Sep 2023
Baidu (NASDAQ:BIDU)
Historical Stock Chart
From Sep 2022 to Sep 2023
