Baidu profit more than doubled
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Baidu Inc, China's biggest search engine company, more than doubled profit in the third quarter of this year and predicted fourth-quarter revenue would exceed analysts' expectations.
Net income jumped 112 percent from the year-earlier period to US$156.4 million, or 45 US cents per share, the company said yesterday.
The company's sales jumped 80 percent to US$337.2 million, and Baidu projects fourth-quarter income to be between US$354.2 million and US$364.7 million. It earned US$184.7 million in the fourth quarter of 2009.
"Baidu had a very strong performance in the third quarter, and its guidance for the fourth quarter is also beyond expectation," said Li Zhi, analyst with Beijing-based research firm Analysys International.
Baidu's Chairman Robin Li said on a call with analysts yesterday that Baidu's new advertising system, called Phoenix Nest, will be the main driver of growth in the next year.
