China's Baidu more than doubles profits in third quarter
Chinese search engine Baidu said Friday its net profit more than doubled in the third quarter, as rival Google continued to lose market share following its public spat with Beijing over censorship.
By Agencies |
BEIJING: Chinese search engine Baidu said Friday its net profit more than doubled in the third quarter, as rival Google continued to lose market share following its public spat with Beijing over censorship.
The results come as a Chinese research report shows Baidu increased its dominance of the world's biggest online market at the expense of Google, which has seen its share dwindle throughout the year.
Baidu said its net profit soared 112.4 percent year-on-year to 1.05 billion yuan (157.89 million dollars) in the third quarter.
Total revenue ballooned to 2.26 billion yuan, up 76.4 percent from the same period last year, the company said.
"During the third quarter both (average revenue per user) and customer base increased healthily, which directly contributed to the robust top-line increase," Baidu chief executive Robin Li said in a teleconference, according to Dow Jones Newswires.
China has at least 420 million web users, accounting for almost a third of the country's population, official data shows.
Baidu's share of the Chinese search engine market increased to 73 percent in the third quarter from 70 percent in the second quarter, according to Beijing-based research firm Analysys International.
Over the same period, Google's share shrank to 21.6 percent from 24.2 percent, Analysys said.
The US Internet titan had boasted a 31 percent share in the first three months of the year, before its protracted tussle with the Chinese authorities.
In March, Google said it would no longer bow to government censors and effectively shut down its Chinese search engine, automatically re-routing mainland users to its uncensored site in Hong Kong.
The web giant has since tweaked the way it re-routes users in order to gain the renewal of its business licence in China, creating a new landing page with a link to the Hong Kong site, which users must click on themselves.
The results come as a Chinese research report shows Baidu increased its dominance of the world's biggest online market at the expense of Google, which has seen its share dwindle throughout the year.
Baidu said its net profit soared 112.4 percent year-on-year to 1.05 billion yuan (157.89 million dollars) in the third quarter.
Total revenue ballooned to 2.26 billion yuan, up 76.4 percent from the same period last year, the company said.
"During the third quarter both (average revenue per user) and customer base increased healthily, which directly contributed to the robust top-line increase," Baidu chief executive Robin Li said in a teleconference, according to Dow Jones Newswires.
China has at least 420 million web users, accounting for almost a third of the country's population, official data shows.
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Baidu's share of the Chinese search engine market increased to 73 percent in the third quarter from 70 percent in the second quarter, according to Beijing-based research firm Analysys International.
Over the same period, Google's share shrank to 21.6 percent from 24.2 percent, Analysys said.
The US Internet titan had boasted a 31 percent share in the first three months of the year, before its protracted tussle with the Chinese authorities.
In March, Google said it would no longer bow to government censors and effectively shut down its Chinese search engine, automatically re-routing mainland users to its uncensored site in Hong Kong.
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The web giant has since tweaked the way it re-routes users in order to gain the renewal of its business licence in China, creating a new landing page with a link to the Hong Kong site, which users must click on themselves.
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