Baidu raised profit by 165%

As expected, the Chinese search engine Baidu.com published strong first quarter financial results. In part, thanks to the departure of Google giant from the Chinese parquet.

The company's turnover was $ 189.6 million, which is almost 60% more than in the same quarter last year. Baidu's profit was $ 70.4 million, which indicates a more than 165% increase compared with the first quarter of last year.

Chairman of the Board of Directors of the company, part-time CEO, Robin Lee in his press release notes the fact that advertising products, such as Phoenix Nest, continue to outpace expectations. But, of course, Google’s departure played a key role in enhancing Baidu’s position in the Chinese market. Everyone remembers the story that in March of this year, the “corporation of goodness” curtailed activities in the country with the largest population after the cyber attacks of December 2009 and unsuccessful attempts to fight censorship. Actually, after Google’s announcement, Baidu shares on the New York Stock Exchange grew by more than 20% during one trading session.
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It is worth noting the fact that today Baidu is the third largest search engine in the world in terms of size and profit. Not a bad result for six months, although, of course, it was not necessary to start from scratch.

Baidu is currently making massive investments, $ 50 million has been spent on a huge online store, a similar amount invested in the creation of an online video portal. Chinese approach to increasing profits.

via TechCrunch