Baidu profit up 80 percent, forecasts more growth

October 28, 2011 By JOE McDONALD , AP Business Writer

(AP) -- Baidu Inc., which operates China's most popular search engine, said Friday its latest quarterly profit jumped 80 percent as strong growth in usage of its site helped to drive advertising revenue higher.

Profit for the three months ended Sept. 30 was $295 million, or 84 cents per share, the Beijing-based company said. Revenue rose 85.1 percent to $654.7 million.

The company cited strong growth in user traffic and spending by advertising customers.

"Spending by large customers significantly outperformed our expectations," chairman and CEO Robin Li said in a statement.

The company forecast more strong growth, saying it expects revenues in the current quarter to rise by up to 85 percent.

Baidu has steadily increased its market share since . closed its China search engine in March 2010 after saying it no longer wanted to cooperate with the communist Beijing government's censorship rules.

Baidu had a 75.9 percent market share in the three months ending in June, up from 64 percent in the first quarter of 2010, according to Analysys International, a research firm in Beijing. Google's share has declined from 30.9 percent to 18.9 percent but it still is well ahead of third-place Sogou, which has 2.4 percent.

China has the world's most populous with more than 485 million people online as of the end of June. Beijing encourages Web use for business and education but tries to block access to material deemed subversive or pornographic.

, long seen as a copycat, has launched a series of initiatives including a music download service to expand its appeal and differentiate its brand.

Explore further: Baidu shares soar as net profit sharply higher

0 shares

Related Stories

Baidu's 3Q profit more than doubles, shares rise

October 22, 2010

(AP) -- Baidu Inc., which operates China's leading search engine, said Friday its third-quarter net profit more than doubled and revenue jumped 76 percent as online advertising surged.

Baidu edges ahead in Chinese online market

January 19, 2011

Search engine Baidu further strengthened its dominance of the Chinese Internet market in the fourth quarter at the expense of US rival Google, a research firm said Wednesday.

China's Baidu eyes foreign expansion

May 26, 2011

Chinese search engine Baidu said Thursday it was thinking about expanding into more overseas markets and expected its share of the booming domestic mobile search market to grow rapidly.

China's Baidu quarterly profit up 95 percent

July 26, 2011

Baidu Inc., which operates China's dominant search engine, said Tuesday its quarterly profit jumped 95 percent on traffic growth and strong spending by big advertising customers.

Recommended for you

How to curb emissions? Put a price on carbon

September 3, 2015

Literally putting a price on carbon pollution and other greenhouse gasses is the best approach for nurturing the rapid growth of renewable energy and reducing emissions.

Customizing 3-D printing

September 3, 2015

The technology behind 3-D printing is growing more and more common, but the ability to create designs for it is not. Any but the simplest designs require expertise with computer-aided design (CAD) applications, and even for ...

Magnetic fields provide a new way to communicate wirelessly

September 1, 2015

Electrical engineers at the University of California, San Diego demonstrated a new wireless communication technique that works by sending magnetic signals through the human body. The new technology could offer a lower power ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.