Baidu profit rose 60 percent in Q3

Baidu's third-quarter revenue growth came in at the bottom end of the company's forecast

China's largest search engine, Baidu, said on Tuesday its net profit for the third quarter increased by 59.8 percent year over year on continued growth from advertising customers and improvements made to draw revenue from its online ad services.

Baidu said for the third quarter ending Sept. 30, the company's net profit reached 3.01 billion yuan (US$478 million), growing from the 1.88 billion yuan reported in the same period a year earlier.

The company's revenue for the quarter reached 6.25 billion yuan, a year-over-year increase of 49.7 percent. The growth met the lower end of Baidu's original projections for the quarter, which estimated that revenue would increase by between 49.6 percent and 53.5 percent.

Baidu has long dominated as China's top search engine and has a 73 percent share of the country's search market, according to data analytics site CNZZ.com. Google's market share has declined ever since the company shut down its China-based search engine in 2010 following disputes with the Chinese government related to cyberattacks and censorship.

However, Baidu has to contend with a new rival in China. Local firm Qihoo 360 launched a new search engine in August that now has a 10 percent share of the market. The search engine from Qihoo 360 briefly caused a controversy after its launch when Qihoo 360's search engine began indexing Web pages for Baidu's online services. This went against Baidu's own robot exclusion protocol, which only gives access to its pages to certain competitors, including Google, MSN and a few others.

In response, Baidu later blocked Qihoo 360 from indexing its sites. Now when a user clicks on a Baidu site in Qihoo 360's search results, the user will automatically be redirected to Baidu's homepage.

For the fourth quarter, Baidu projected its revenue will grow year over year by between 37.6 percent and 41.8 percent.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags business issuesInternet-based applications and servicesbaidufinancial resultsinternet

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Michael Kan

IDG News Service
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Kurt Hegetschweiler

Brother PocketJet PJ-773 A4 Portable Thermal Printer

It’s perfect for mobile workers. Just take it out — it’s small enough to sit anywhere — turn it on, load a sheet of paper, and start printing.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?