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Baidu eyes better performance in Q1
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China's largest search engine Baidu said revenue in the first quarter jumped 24.3 percent as more advertising money flowed into its core search engine business.
Shares of the company rose more than four percent in after-hours trading on Thursday after it said profit reached 1.98 billion yuan in the three months ended March 31, 19 percent down from the previous quarter, it said in a stock exchange filing.
Mobile business continues to boom with users turn to search and mapping services more frequently on their smartphones, and mobile advertising revenue make up about two-thirds of its total revenue.
The company boasts 663 million monthly active mobile search users by the end of March, adding 9 percent from a year ago.
Its online-to-offline services, consisting of group-buying and food ordering platforms, recorded a transaction volume of 16 billion yuan, more than tripling from a year ago.
Baidu estimates revenue to be between 20.11 billion yuan and 20.58 billion yuan in the second quarter this year.
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