Fourth-quarter profits at Baidu.com more than tripled, according to a report from the Associated Press. Baidu operates China's leading search engine, and has been described as the Google of China.
The company's profit increased to $175.9 million for the fourth quarter.
During the quarter, Baidu earned 52 cents a share. Analysts had projected the company earning 47 cents per share during the quarter, the AP reported, citing analysts’ data.
"This has been another quarter of outstanding performance for Baidu, with market momentum and our continued improvement in monetization fuelling top line growth," Robin Li, Baidu's chairman and CEO, said in a company press release.
Quarterly revenue increased to 2.45 billion yuan (U.S. $371.3 million) from 1.26 billion yuan. Analysts had previously projected revenue increases of $350.3 million.
For 2010, Baidu earned 3.53 billion yuan (U.S. $534.1 million). That compares with a profit of 1.49 billion yuan in 2009. Company revenue increased to 7.92 billion yuan (U.S.$1.2 billion) from 4.45 billion yuan in 2009.
During the first quarter of 2011, Baidu projects revenue between $360.6 million and $371.2 million.
"Baidu continues to build upon our clear leadership in China's search market," Li added. "Looking forward we will further integrate search with online activities such as e-commerce and social networking and I am confident that Baidu will remain at the center of China's Internet ecosystem."
"I am pleased to report another quarter of stellar top- and bottom-line growth," Jennifer Li, Baidu's chief financial officer, added in a statement. "I'm also excited to note that in 2010 we enjoyed accelerating top-line growth and record profitability despite substantial investment. As we remain focused on developing the market and driving top-line growth, we will continue to aggressively invest in R&D, sales, marketing and network infrastructure."
As of September, 73 percent of China’s Web searches used Baidu. The AP says that by comparison Google was used for 22 percent of Web searches in China.
In other recent company news, TechZone360 reported that Baidu would introduce a flash game platform.
Want to learn more about the latest in communications & technology? Then be sure to attend ITEXPO East 2011, taking place Feb 2-4, 2011, in Miami. ITEXPO offers an educational program to help corporate decision makers select the right IP-based voice, video, fax and unified communications solutions to improve their operations. It's also where service providers learn how to profitably roll out the services their subscribers are clamoring for – and where resellers can learn about new growth opportunities. To register, click here.
Digital advertising has exploded in recent years, with the latest eMarketer data forecasting $83 billion in revenue this year and continued growth on …
One of the biggest challenges for 5G and last mile 10 Gig deployments is not raw data speeds, but middle mile and core networks. The wireless industry…
Although a new and emerging technology, (which is still evolving), in early 2018, most companies are not aware of the possible benefits they can achie…
VR could change everything from how we play video games to how we interact with our friends and family. VR has the power to change how we consume all …
The app economy is upon us, and businesses of all stripes are moving to address it. In this age of digital transformation, businesses rely on applicat…