Baidu profit more than doubled
By Ding Yining |
October 23, 2010, Saturday
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Print Edition
Print Edition
BAIDU Inc, China's biggest search engine company, more than doubled profit in the third quarter of this year and predicted fourth-quarter revenue would exceed analysts' expectations.
Net income jumped 112 percent from the year-earlier period to US$156.4 million, or 45 US cents per share, the company said yesterday.
The company's sales jumped 80 percent to US$337.2 million, and Baidu projects fourth-quarter income to be between US$354.2 million and US$364.7 million. It earned US$184.7 million in the fourth quarter of 2009.
"Baidu had a very strong performance in the third quarter, and its guidance for the fourth quarter is also beyond expectation," said Li Zhi, analyst with Beijing-based research firm Analysys International.
Baidu's Chairman Robin Li said on a call with analysts yesterday that Baidu's new advertising system, called Phoenix Nest, will be the main driver of growth in the next year.
Net income jumped 112 percent from the year-earlier period to US$156.4 million, or 45 US cents per share, the company said yesterday.
The company's sales jumped 80 percent to US$337.2 million, and Baidu projects fourth-quarter income to be between US$354.2 million and US$364.7 million. It earned US$184.7 million in the fourth quarter of 2009.
"Baidu had a very strong performance in the third quarter, and its guidance for the fourth quarter is also beyond expectation," said Li Zhi, analyst with Beijing-based research firm Analysys International.
Baidu's Chairman Robin Li said on a call with analysts yesterday that Baidu's new advertising system, called Phoenix Nest, will be the main driver of growth in the next year.
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