Baidu profits up on mobile services
Print Edition
BAIDU Inc, which operates China’s most popular search engine, said yesterday that its quarterly profit rose 34 percent over a year earlier as its mobile business grew.
The company said it earned 3.5 billion yuan (US$565 million) in the three months ended on June 30. Revenue rose 58.5 percent to 11.9 billion yuan.
Baidu and other Internet companies are building mobile e-commerce and other services as Chinese users shift rapidly to going online using smartphones and tablet computers. Baidu dominates traditional Internet search but is a much smaller presence in mobile.
The contribution of mobile to Baidu’s total revenue rose above 30 percent for the first time, Chairman Robin Li said in a statement.
“We had a great quarter as we continued to build very strong mobile momentum,” Li said.
The mobile effort was reflected in a doubling of selling and administrative expenses to 2.1 billion yuan, which the company said was due to higher promotional spending.
For the current quarter, Baidu forecast a 50.9-55 percent rise in revenue over a year earlier to 13.4-13.8 billion yuan.
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