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Chinese search leader Baidu Inc. has dropped off the list of China’s five most valuable internet companies ahead of its Q2 results scheduled for early next week, Bloomberg reports.

The company revealed its first quarterly loss in more than 15 years in its Q1 2019 earnings results. At least five executives — including COO Lu Qi —  have already stepped down this year.

Baidu has been overtaken by NetEase Inc., China’s second-largest gaming company. Shares of NetEase have gained 11% this year, while Baidu’s have plunged 40%. Baidu has lost $66 billion of capitalization since its peak in May 2018.

The company’s job search product Baidu Baipin remains the largest cross-platform job search engine in China, with more than 20 million users and 50 million active listings. More than 400 job sites — including 58.com, Baixing.com, Boss Zhipin, and Liepin — make their listings searchable through Baipin.

Baidu became the third mobile platform in China to re-orient itself as a “super-app” in 2018 — allowing developers to create “Smart Mini-programs” that will run inside the Baidu app itself. The model was first created by Tencent‘s WeChat in 2016. Ant Financial‘s AliPay followed suit, also in 2018. Baidu invested 1 billion RMB ($140 million U.S.) in developing a mini-program ecosystem, which it claims has more than 150 million monthly active users.

NetEase restructured its business in February this year amid slowing-e-commerce growth. It laid off 50% of workforces across several business units, including e-commerce arm Yanxuan and its educational product unit, according to Technode.com.

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