Baidu profit up 60 percent, revenue growth slows
Tuesday, October 30, 2012
BEIJING (AP) — Chinese search engine operator Baidu Inc. says its latest quarterly profit rose 60 percent but revenue growth slowed as the economy cooled.
The Beijing-based company said Tuesday that profit for the three months ending Sept. 30 was $478.6 million (3 billion yuan). Revenue rose 49.7 percent to $994.6 million (6.3 billion yuan) but that growth was down from the previous quarter's 60 percent.
Baidu has about 78.6 percent of China's Internet search market, ahead of No. 2 Google Inc. with 15.4 percent, according to Analysys International, a research firm in Beijing.