The Canadian Press - ONLINE EDITION

Baidu says profit up 24.1 per cent on strong ad revenue

  • Print

BEIJING, China - Baidu Inc., operator of China's most popular Internet search engine, said Friday its quarterly profit jumped 24.1 per cent over a year earlier as its mobile business grew.

Profit rose to 2.5 billion yuan ($407.8 million) in the three months ending March 31, according to the Beijing-based company. Revenue rose 59.1 per cent to 9.5 billion yuan ($1.5 billion).

In a statement, chairman Robin Li cited success in search and app distribution. He said Baidu wants to expand in new areas such as location-based services.

Baidu and other companies that got their start in the era of desktop computer-based Internet are scrambling to keep up as Chinese shift rapidly to going online via smartphones and tablets.

China has the world's biggest Internet market, with 618 million people online at the end of 2013. That included 500 million people — or more than 80 per cent of the total — who go online wirelessly.

Baidu's expenses rose 136.9 per cent from the same period of 2013 to 2 billion yuan ($323.2 million), due mostly to higher promotional spending on mobile products. Research and development spending rose 57.5 per cent to 1.3 billion yuan ($205.4 million).

Baidu's market share in PC-based search is more than 80 per cent. But in mobile it faces intense competition from companies such as Qihoo 360.

Baidu has expanded into music downloads, online video and other services. In July, it announced the acquisition of a smartphone apps distributor, 91 Wireless, for $1.9 billion.

___

Baidu Inc.: www.baidu.com

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Soca and Reggae Festival and Weekend Weather

View more like this

Photo Store Gallery

  • A one day old piglet glances up from his morning feeding at Cedar Lane Farm near Altona.    Standup photo Ruth Bonneville Winnipeg Free Press
  • Marc Gallant / Winnipeg Free Press. Local- WINTER FILE. Snowboarder at Stony Mountain Ski Hill. November 14, 2006.

View More Gallery Photos

Poll

What's your take on a report that shows violent crime is decreasing in Winnipeg?

View Results

View Related Story

Ads by Google