Baidu.com Inc, the owner of China's most-used search engine, fell as much as 8.4 percent in Nasdaq trading yesterday after Credit Suisse analyst Wallace Cheung said Google Inc was gaining users in the country.
Cheung reduced his price estimate for Baidu 24 percent to US$198. The Hong Kong-based analyst also lowered projections for revenue and profit for the next two years, Bloomberg News reported.
Slumping economic growth in China probably would hamper Baidu's growth as Google expands, Cheung said.
Google, owner of the world's most popular search site, has won users from its Chinese competitor in Beijing and Shanghai by improving technology and adding new products, such as its Chrome browser.
Baidu's United States shares fell US$14.60 to US$207.77 at 10:12am yesterday New York time in Nasdaq Stock Market trading. Earlier Baidu dropped as low as US$203.76.
