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Baidu posts 59.8% surge in 3rd quarter profit
By Ding Yining |
October 30, 2012, Tuesday
|
Online Edition
Online Edition
CHINA'S largest search engine, Baidu.com, said profit in the third quarter jumped nearly 60 percent thanks to increased spending on online advertising.
Profit surged 59.8 percent to 3 billion yuan (US$479 million) and revenue jumped 49.7 percent to 6.25 billion yuan in the three months ended September 30.
Baidu has stepped up efforts to provide mobile-friendly search products as web users increasingly switch from desktop computers to smart phones and tablet computers.
"Baidu will continue to invest in key areas at a time of transition from PC to mobile," chief financial officer Jennifer Li said in a statement.
Earlier this year, Baidu said it will deepen collaboration with online application developers to woo web users to services itself doesn't offer.
"Mobile search traffic has been growing at triple digits in recent years but market education can take years before advertisers allocate more money on mobile paid search," chairman and chief executive officer Robin Li told a teleconference today.
There are around 390,000 online advertisers by the end of September, a 28.3 percent increase in the third quarter from a year ago.
Baidu took a lion's share of 78.6 percent in the domestic search market, followed by Google China's 15.4 percent, according to Beijing-based research house Analysys International.
Profit surged 59.8 percent to 3 billion yuan (US$479 million) and revenue jumped 49.7 percent to 6.25 billion yuan in the three months ended September 30.
Baidu has stepped up efforts to provide mobile-friendly search products as web users increasingly switch from desktop computers to smart phones and tablet computers.
"Baidu will continue to invest in key areas at a time of transition from PC to mobile," chief financial officer Jennifer Li said in a statement.
Earlier this year, Baidu said it will deepen collaboration with online application developers to woo web users to services itself doesn't offer.
"Mobile search traffic has been growing at triple digits in recent years but market education can take years before advertisers allocate more money on mobile paid search," chairman and chief executive officer Robin Li told a teleconference today.
There are around 390,000 online advertisers by the end of September, a 28.3 percent increase in the third quarter from a year ago.
Baidu took a lion's share of 78.6 percent in the domestic search market, followed by Google China's 15.4 percent, according to Beijing-based research house Analysys International.
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