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Spending eats into Baidu’s Q4 net earnings
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Baidu, China’s largest search engine operator, said yesterday that fourth-quarter earnings edged down 0.4 percent as it spent heavily to promote mobile services.
Profit in the final quarter of 2013 dipped 0.4 percent from a year ago to 2.78 billion yuan (US$454 million), according to a stock exchange filing.
Revenue soared 50 percent to 9.5 billion yuan in the three months ended on December 31.
Mobile Internet contributed over 20 percent of total income in the past quarter.
Mobile advertising income contribute the most to Baidu mobile revenue but the company has been seeking revenue from other smartphone applications and service.
Baidu projects revenue in the first quarter this year at between 9.2 billion yuan and 9.5 billion yuan.
Baidu Chief Executive Officer Robin Li said it will scout acquisition opportunities in the mobile Internet sector.
Baidu said last month it will acquire the rest of the 41 percent stake it didn’t own in group-purchasing website Nuomi.com as it seeks to extend its service to the offline sector.
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