(Yicai Global) May 17 -- Baidu has posted a net loss of CNY327 million (USD48 million) for the first three months of this year, marking the first time that the Chinese tech giant has slipped to a quarterly loss since its listing in 2005.
Revenue rose 15 percent to CNY24.1 billion (USD3.5 billion) for the quarter, the Beijing-based firm said in a statement.
Results were affected by Chinese New Year promotional activities when it gave out CNY1.9 billion in red packets to users, Baidu Chief Financial Officer Yu Zhengjun told Economic Observer Online.
The Spring Festival Gala campaign was a great success, he said, adding that it has greatly boosted traffic on its mobile apps despite the short-term impact on its bottom line.
Xiang Hailong, senior vice president of Baidu's search business, resigned after the financial report was released.
The firm's revenue from search and transaction services rose 8 percent to CNY17.5 billion while net profit from its core business nearly halved to CNY703 million.