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.