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Baidu Q2 profit climbs nearly 50%

BAIDU.INC, a Chinese language online search engine, said today its profit for the second quarter increased nearly 50 percent as the economic recovery boosted spending from advertisers.

Net income in the quarter reached US$56.1 million, or US$1.61 per share, up 44.6 percent from the same period last year.

Total revenue was US$160.7 million, a 36.7 percent increase year on year.

Online marketing contributed US$160.6 million in the past three months, up 36.7 percent from the year-earlier period. The number of its active online marketing customers reached 203,000 by the end of June, up 12.1 percent from the year-earlier period.

China's Internet users reached 338 million by the end of June, according to a report released on July 15 by the Beijing-based China Internet Network Information Center.

Baidu estimated its revenue in the third quarter at between US$184 million and US$189 million, a 15 to 18 percent jump on year.

Baidu launched "Phoenix Nest," an enhanced bidding platform for its online marketing customers, on April 20, which provides enhanced tools for managing marketing budgets and analyzing data.

"We're very satisfied with the new system but it's too early to say it can bring a positive effect to our revenue," Robin Li, chairman and CEO of Baidu, said at a conference call today.

Baidu CFO Jennifer Li also disclosed that the company will hire more sales people to sell Phoenix Nest in the third quarter.

Baidu's market share in China's search market was 74.1 percent in the first quarter, according to iResearch Inc, a Shanghai-based Internet consultancy. Google's share was 20.9 percent.


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