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.
© ChinTell Ltd. All rights reserved.
Exclusively sponsored by HSBC.
The Week in China website and the weekly magazine publications are owned and maintained by ChinTell Limited, Hong Kong. Neither HSBC nor any member of the HSBC group of companies ("HSBC") endorses the contents and/or is involved in selecting, creating or editing the contents of the Week in China website or the Week in China magazine. The views expressed in these publications are solely the views of ChinTell Limited and do not necessarily reflect the views or investment ideas of HSBC. No responsibility will therefore be assumed by HSBC for the contents of these publications or for the errors or omissions therein.