‘China’s Google’ Baidu reports 60 pct rise in quarterly net income

October 31, 2012 | Business | Written by

London, Oct 31: Search engine Baidu, commonly known as China’s Google, has reported a 60 percent rise in quarterly net income to 3.01 billion Yuan compared to last year.

The Chinese firm said its income jumped in the three months ending 30 September, as it continues to attract increasing amounts of advertising.

The company said revenue from online marketing surged nearly 50 percent, the BBC reports.

Baidu, which is listed in New York, said on Monday revenue in the October to December period will range from 6.16-6.35 billion Yuan.

According to the report, economists had estimated about 6.14 billion Yuan for that period.

Meanwhile, Baidu chief executive, Robin Li, said on Tuesday that the firm’s mobile search traffic was growing at triple digit rates.

“We are working hard to improve the monetisation system for mobile and to educate our customers to take full advantage of mobile,” Li told analysts.

“But we expect it would take some time to close the gap,” he added. (ANI)