Baidu's net profit surges 76% in Q1
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E-mail Shanghai Daily, April 26, 2012
Net profit at China's leading Internet search engine Baidu Inc surged 76 percent to 1.9 billion yuan (US$299 million) in the first quarter of this year amid a rise in advertising income.
Its revenue jumped 75 percent year on year to 4.26 billion yuan.
Chief Financial Officer Jennifer Li attributed the jump to a large number of daily deal sites advertising on Baidu's paid search service last year. She added that the company sees good earnings prospects for the second quarter.
Baidu has 30.9 percent of China's 14 billion yuan online advertising sector, followed by Alibaba's 17.9 percent share.
Chief Executive Officer Robin Li said: "We'll continue to invest in the mobile search sector to enhance users' experience."
He added that Baidu has more than 50 percent of the mobile search market and its share continues to rise.
Its search engine is pre-installed in more than 80 percent of China's Android-based smartphones.
For the PC market, Baidu has 78.5 percent share in the first three months ahead of Google's 16.6 percent.
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