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Baidu records 60 pct rise in income

2012-10-31 08:46 Shanghai Daily     Web Editor: qindexing comment

Search engine operator Baidu said profit in the third quarter jumped nearly 60 percent as online advertising spending increased.

Profit surged 60 percent to 3 billion yuan (US$479 million) and revenue jumped 49.7 percent to 6.25 billion yuan in the three months ended September 30, according to a stock exchange filing yesterday.

Baidu has stepped up efforts to provide search products for handsets as web users shift their focus from desktop computers to smartphones and tablet computers.

"Baidu will continue to invest in key areas at a time of transition from PC to mobile," chief financial officer Jennifer Li said in a statement.

Earlier this year, Baidu said it will deepen collaboration with online application developers to woo web users to services that it doesn't offer.

"Mobile search traffic has been growing in triple digits in recent years but market education could take a couple of years before advertisers allocate more budget to mobile paid search," chairman and chief executive officer Robin Li said yesterday.

The company had 390,000 online advertisers by the end of September 30, up 28.3 percent from the same period a year ago.

It expects revenue in the fourth quarter to be between US$979.3 million and US$1 billion, representing a 37.6 to 41.8 percent annual rise.

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