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Baidu (BIDU) Stock Down on Mixed Q2 Results, Profit Drop

NEW YORK (TheStreet) -- Shares of Baidu (BIDU) are slumping 4.50% to $158.18 this morning as the Chinese Internet search provider posted mixed second quarter results after yesterday's closing bell.

Baidu reported earnings of $1.22 per share, surpassing analysts projections of $1.15 per share. Revenue rose 10.2% year-over-year to $2.75 billion, but missed analysts expected $2.99 billion.

Last year, the company posted earnings of $1.19 per share on revenue of $2.77 billion.

Profit fell 17.4% year-over-year to $431.3 million, its largest decline since Baidu went public 11 years ago, the Wall Street Journal reports. The decline stems from government investigations into the...