Baidu shares drop 9% on weak earnings

Australian logistics company WiseTech has cut its revenue and profit forecasts after a series of allegations about its founder and chief executive Richard White disrupted its development and product release plans. 

WiseTech stock fell 14 per cent on Friday after the company cut its revenue forecast for the current financial year to between A$1.2bn ($780mn) and A$1.3bn from A$1.3bn-A$1.35bn.

Earnings before interest, taxation, depreciation and amortisation is now forecast to be between A$600mn and A$660mn, down from as high as A$700mn previously. 

White, the 69-year old co-founder, has faced accusations of bullying and the non-disclosure of relationships with employees. The company released an independent report into the accusations on Friday that found that there had been “no impropriety”.