Louise Duffy ©RapidTVNews | 26-07-2011
China's top search engine Baidu has beaten forecasts as it reported a 95% surge in profits for the second quarter.
The company has steadily grown its search market share since Google exited China after a row about censorship. Baidu has sold more advertising on its website as it added users.
Baidu reported a profit of 1.63bn yuan (£155m) in the three months to June, compared with earnings of 837m yuan during the same period last year. Its revenue for the period surged by 78% to $528m. Revenue is expected to be 3.95 billion yuan and 4.05 billion yuan in the third quarter, Baidu said.
Robin Li, Baidu's chairman and chief executive officer, told analysts that the firm was looking to bump up its products in the social networking services (SNS) arena.
"In China, there are no dominant SNS. That gives us a big opportunity to innovate and lead in markets like this," he said.
Jennifer Li, Baidu's chief financial officer, said: "We will continue to accelerate our investments in strategic areas, R&D, network infrastructure and bringing in new talents on board to drive long term growth."