What's new: Baidu Inc. swung back to profitability in the second quarter despite declining revenue, as the tech giant grappled with macroeconomic uncertainties, continued disruption from Covid and tightening regulatory scrutiny. In the three months through June, Baidu reported a net profit of 3.6 billion yuan ($526.9 million), compared with a 583 million yuan loss a year ago, according to its earnings report released on Tuesday. Total quarterly revenue slipped 5% to 29.6 billion yuan, partly caused by a 10% slump in online advertising revenue to 17.1 billion yuan due to a resurgence of Covid-19 outbreaks in some Chinese cities, the company said. Revenue from Baidu's services other than online marketing totaled 6.1 billion yuan, up 22% year-on-year, helped by a 31% increase in revenue from its cloud business, while revenue from its video streaming unit iQiyi declined 13% year-on-year to 6.7 billion yuan, according to the company.