Baidu profit skyrockets 95%
By Ding Yining |
July 27, 2011, Wednesday
|
Print Edition
Print Edition
BAIDU Inc, China's largest search engine, reported better-than-expected profit in the second quarter of this year on strong advertising income.
Baidu had a 75.9 percent share of China's search engine market by the end of the second quarter after gaining on rival Google, which held an 18.9 percent share.
Baidu is benefiting from increasing Internet advertising spending from traditional companies and fast-growing online shopping websites.
Online ad income climbed 78.4 percent to US$528.4 million in the period from a year earlier.
"We'll continue to benefit from this trend for years as more companies realize the best way to do e-commerce is through Baidu," Chief Executive Officer Robin Li said after the results were released.
Profit for the three months ended June 30 surged 95 percent to US$252.6 million, beating a previous estimate of 89 percent.
The company estimated revenue will rise 75 percent on year to between US$613 million and US$629 million in the third quarter.
Baidu plans to launch search services for hotel bookings as part of its partnership with online flight ticket search site Qunar.com, Li added.
He said Baidu expects to gain users by adding new products such as a Web browser and social networking services.
The company is also actively investing in areas besides search.
Last month, Baidu invested US$306 million in Qunar to become its largest institutional shareholder as demand rises for online booking of tickets and hotel rooms.
Baidu had a 75.9 percent share of China's search engine market by the end of the second quarter after gaining on rival Google, which held an 18.9 percent share.
Baidu is benefiting from increasing Internet advertising spending from traditional companies and fast-growing online shopping websites.
Online ad income climbed 78.4 percent to US$528.4 million in the period from a year earlier.
"We'll continue to benefit from this trend for years as more companies realize the best way to do e-commerce is through Baidu," Chief Executive Officer Robin Li said after the results were released.
Profit for the three months ended June 30 surged 95 percent to US$252.6 million, beating a previous estimate of 89 percent.
The company estimated revenue will rise 75 percent on year to between US$613 million and US$629 million in the third quarter.
Baidu plans to launch search services for hotel bookings as part of its partnership with online flight ticket search site Qunar.com, Li added.
He said Baidu expects to gain users by adding new products such as a Web browser and social networking services.
The company is also actively investing in areas besides search.
Last month, Baidu invested US$306 million in Qunar to become its largest institutional shareholder as demand rises for online booking of tickets and hotel rooms.
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