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 (Bloomberg) -- Baidu Inc.'s quarterly revenue shrank 1% and its projections suggest sales could slide again, as rivals like ByteDance Ltd. continue to chip away at its core advertising business.China's leading search engine forecast sales of 26.3 billion yuan ($3.8 billion) to 28.7 billion yuan for the September quarter, compared with estimates for 27.62 billion yuan. Its shares slipped as much as 8% in extended trading after Netflix-style subsidiary iQiyi Inc. disclosed it was cooperating with a U.S. regulatory inquiry into allegations by Wolfpack Research that it inflated user numbers. Shares in iQiyi fell as much as 19%.Read more: Baidu-Backed Iqiyi Tumbles After Disclosing SEC Probe of RecordsBaidu is riding a gradual post-Covid 19 recovery in its home market but, at the same time, is trying to ward off increasingly aggressive competition in media and advertising from the likes of Tencent Holdings Ltd. and ByteDance. The company is diversifying ad revenue sources and investing in content for its Netflix-style iQiyi Inc. to keep users and marketers from migrating to hotter formats like ByteDance's news app Toutiao and Douyin, TikTok's local equivalent. On Thursday, Baidu said it will step up investment in technology and content."If we look at the budget allocation from advertisers, it looks like Douyin and Toutiao are the most attractive to them starting from about two years ago," said Raymond Feng, a Shanghai-based analyst with Pacific Epoch. "With the increased investment in Baijiahao, Baidu is try
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 Shares in Lemonade (LMND) dropped 5% in Tuesday's after-hours trading after the digital insurance company reported its inaugural earnings following the July 2 IPO. 2Q adjusted gross profit was modestly ahead of Street estimates, with KPIs beating substantially.Specifically, Q2 GAAP EPS of -$1.77 beat Street forecasts by $0.41 while revenue of $29.9M surged 116.7% year-over-year, and topped consensus expectations by $0.59M.Gross Earned Premium came in up 121% year-over-year and 4% above Street estimates, vs. 1Q's 143%. And 2Q adjusted gross profit rose 203% year-over-year, yielding a 20% ratio of adjusted gross profit to gross earned premium.IFP, defined as the aggregate annualized premium for customers as of the period end date, soared 115% to $155.1M compared to the same quarter last year, primarily due to an 84% rise in the number of customers, as well as a 17% increase in premium per customer. Indeed total customer count was up 84% at 814,160 vs 2Q 2019.However, looking forward, LMND is guiding for Q3 revenue of $14M-$15M, falling short of the $15.2M consensus and $29.9M revenue delivered during the second quarter. That's alongside revenue for the full year of $86M-$88M- again coming slightly below the $88.9M expected by consensus."Q3 is, historically, a moving season, and has typically been our strongest growth quarter as many people move in time for the new school year. The pandemic has put school openings in question - and we don't know how this may change the migratory patterns of Americ
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