Search engine Baidu says profit up 36 percent

February 5, 2013

Baidu Inc., which operates China's most popular search engine, said Tuesday its quarterly profit rose 36 percent as an economic rebound helped to boost advertising spending.

The Beijing-based company earned 2.8 billion yuan ($448.7 million) in the three months ending Dec. 31, or 7.99 yuan ($1.28) per share. Revenue rose 41.6 percent from a year earlier to 6.3 billion yuan ($1 billion).

For the full year, profit rose 57.5 percent to 10.5 billion yuan ($1.7 billion). Revenue rose 53.8 percent to 22.3 billion yuan ($3.6 billion).

Baidu and other Chinese Web businesses have benefited from a rise in advertising spending and online shopping as the economy rebounded from a three-year low in growth last year.

Economic growth rose to 7.9 percent in the fourth quarter from the previous quarter's 7.4 percent. The World Bank says it expects growth of 8.4 percent this year.

Baidu has expanded beyond its traditional search business to add music download, a travel business and cloud-based computing.

"Similar to the early days of the Internet, this is a time of boundless innovation, creativity and opportunity in our industry," said chairman Robin Li in a statement.

For the current quarter, Baidu said it expects revenues of 5.9 billion yuan to 6.1 billion yuan ($945.4 million to $975.9 million), or an increase of 38.1 percent to 42.6 percent over a year earlier.

China has the world's biggest population of Internet users, which grew 10 percent last year to 564 million, according to an industry group, the China Internet Network Information Center. The number of Chinese Web surfers who go online from mobile phones, and other wireless rose 18.1 percent to 420 million.

has about 80 percent of China's Internet but faces a challenge from upstart rival Qihoo 360 Technology Ltd. Inc., a popular Web portal, reported Monday its quarterly revenue rose 22 percent.

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


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 net income surges in 4th quarter

January 31, 2011

(AP) -- Inc., which operates China's leading search engine, said Monday that its fourth-quarter profit more than tripled to surpass Wall Street expectations, sending shares higher in after-hours trading.

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.

Baidu profit up 80 percent, forecasts more growth

October 28, 2011

(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.

Chinese portal Sohu says profit down, revenue up

February 4, 2013 Inc., which operates a popular Chinese Internet portal, said Monday its quarterly profit fell 9 percent as rising expenses offset strong revenue growth for online games.

Recommended for you

Nevada researchers trying to turn roadside weed into biofuel

November 26, 2015

Three decades ago, a University of Nevada researcher who obtained one of the first U.S. Energy Department grants to study the potential to turn plants into biofuels became convinced that a roadside weed—curly top gumweed—was ...

Glider pilots aim for the stratosphere

November 20, 2015

Talk about serendipity. Einar Enevoldson was strolling past a scientist's office in 1991 when he noticed a freshly printed image tacked to the wall. He was thunderstruck; it showed faint particles in the sky that proved something ...


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.