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.
Everyone knows Mom knows best. The internet is enabling a new era in sharing, and sparking a more enlightened, communal shopping experience. Mommy blo…
When the WannaCry ransomware attacked companies all over the world in 2017, experts soon realized it was meant to be stopped by regular updating. Even…
TMC recently announced the launch of three new artificial intelligence events under the banner of The New Intelligence. I recently spoke with TMC's Ex…
Organizations must align internally to achieve effective innovation. Companies should consider creating cross-functional teams or, at a minimum, incre…
The three events that are part of The New Intelligence are all about how businesses and service providers, and their customers, can benefit from artif…