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Update: Baidu Shares Drop After Q2 Miss

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(Updates with share movement in the headline and first paragraph.)

Baidu (BIDU) shares fell 13% in Tuesday afternoon trading after the company posted lower-than-expected Q2 non-GAAP earnings and revenue.

The company reported Q2 non-GAAP earnings of 7.22 Chinese renminbi ($1.06) per diluted American depositary share, down from 13.58 renminbi a year earlier.

Analysts polled by FactSet expected 9.35 renminbi.

Revenue for the quarter ended June 30 was 31.33 billion renminbi, down from 32.71 billion renminbi a year earlier.

Analysts expected 31.78 billion renminbi.

Price: $90.56, Change: $-13.56, Percent Change: -13.02%

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