China's Baidu pays price of mobile shift, fourth-quarter revenue disappoints

By Paul Carsten and Supantha Mukherjee BEIJING/BENGALURU (Reuters) - Baidu Inc's shift to smartphones has come at a cost: the Chinese internet firm forecast lower-than-expected revenue growth for the first quarter as its share from less profitable mobile browsing grows at the expense of PC searches. Baidu shares fell more than 9 percent in after-hours trading in New York after it also posted a lower-than-expected 47.5 percent rise in fourth quarter revenues. Baidu operates China's most widely used search engine. It said that revenue from mobile searches had, for the first time, surpassed that from PCs in December, but the amount advertisers paid per click on mobile devices remained steady at 60 percent of PC rates quarter-on-quarter.

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