The search for profits is over

The search for profits is over

In a week when good news has been rarer than 60 year-old Scotch, enter Baidu. The Chinese search engine firm announced a 95% increase in its second quarter profits. The company has done well out of Google’s quasi-withdrawal from China, becoming more dominant than before with a 75% share of searches. That translated into strong profit growth: net income grew to Rmb1.63 billion ($253 million) in the quarter to June. Moreover Baidu expects its revenues to grow a further 79.5% in the current quarter. The company is also ahead of forecasts thanks to the continuing growth in web usage. By June, the number of Chinese internet users had grown to 485 million, an increase of 6.1% on the start of the year.

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