China's Baidu quarterly profit up 95 percent - Baidu Inc., operates the dominant search engine in China, said on Tuesday its quarterly profit jumped 95 percent on the traffic and the heavy spending of large advertisers.
Profit for the three months ended 30 June was $ 252.6 million, or 72 cents per share, said the Beijing-based company. Total sales rose 78.4 percent year on year to 3.4 billion yuan ($ 528.4 million).
"We benefited from strong traffic growth and improved monetization," said Baidu chairman and CEO, Robin Li, said in a statement. "We were particularly encouraged by the strong spending by large customers."
The company said it expected more strong growth this year and predicts 75.1 percent to 79.5 percent in total sales for the July-September quarter.
Baidu, China's most popular search engine that has already expanded its market share as rivals Google Inc. said its China search engine closed last year after it did not comply with the communist government of Internet censorship.
Baidu's market share to 75.9 percent from 64 percent in the first quarter of last year, Google rose before closing, according to Analysys International, a market research firm in Beijing. Google is still China's second-most popular search engine, but its market share declined from 30.9 percent to 18.9 percent.
China has the world's most populous internet market with more than 485 million people online. Beijing encourages Web use for business and education but tries to access the materials as pornographic or subversive block.
Baidu, Google as long as one has seen imitators have to expand a number of initiatives to its appeal and differentiate their brand launched. Last week, it announced an agreement with three global record labels to distribute music online in China.
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