Profitable Baidu eyes expansion
By Zhu Shenshen |
February 2, 2011, Wednesday
|
Print Edition
Print Edition
INCREASED online advertising income and a booming Chinese netizen base boosted Baidu's net profit by nearly 181 percent in the fourth quarter of 2010, China's biggest search engine said yesterday.
Beijing-based Baidu Inc also plans to expand in social-networking services to challenge China's top Internet firm Tencent Inc.
In the fourth quarter, Nasdaq-listed Baidu's net profit was US$175.9 million, a 180.5 percent jump from a year earlier. The earnings per share of the company was 50 US cents, beating analysts' average forecast of 45 US cents.
Baidu leads the Chinese online search market which has the world's largest Internet population of 450 million.
In 2010, China's online search market revenue was 10.98 billion yuan, an annual growth of 57.7 percent. Baidu led the market with a 71.6 percent share, followed by Google's 26 percent, according to iResearch, a Shanghai-based Internet consulting firm.
Baidu expects to expand in "social search" sector, Chief Executive Officer Robin Li said in a conference call yesterday. "The commercial value of social products is meaningful," Li said.
Baidu increased investment in e-commerce and online video last year.
Beijing-based Baidu Inc also plans to expand in social-networking services to challenge China's top Internet firm Tencent Inc.
In the fourth quarter, Nasdaq-listed Baidu's net profit was US$175.9 million, a 180.5 percent jump from a year earlier. The earnings per share of the company was 50 US cents, beating analysts' average forecast of 45 US cents.
Baidu leads the Chinese online search market which has the world's largest Internet population of 450 million.
In 2010, China's online search market revenue was 10.98 billion yuan, an annual growth of 57.7 percent. Baidu led the market with a 71.6 percent share, followed by Google's 26 percent, according to iResearch, a Shanghai-based Internet consulting firm.
Baidu expects to expand in "social search" sector, Chief Executive Officer Robin Li said in a conference call yesterday. "The commercial value of social products is meaningful," Li said.
Baidu increased investment in e-commerce and online video last year.
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