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Baidu beats Street forecasts as more surfers in China use its site
CHINA’S top search engine, Baidu, beat Wall Street’s earnings estimates last night as its revenue grew more than 80 per cent year-on-year in the fourth-quarter.
Shares of New York-listed Baidu were up more than two per cent in after-hours trading.
Baidu reported fourth-quarter net income of $326.3m (£206.5m), on revenues of $710.9m.
The firm has expanded its dominant position in China’s internet search market ever since Google decided in 2010 to relocate its search engine to Hong Kong following a standoff with the Chinese government over Internet censorship.
Baidu has made efforts to expand into mobile, travel and online video sectors to boost growth, and is also aunching its own browser.