Baidu says its quarterly profit jumped 95 per cent after strong traffic growth and spending by big advertisers.
Baidu’s profit for the three months ending on June 30 was $252.6 million, or 72 cents per share, the Beijing-based company said. Total revenue rose 78.4 per cent from a year earlier to 3.4 billion yuan ($528.4 million).
“We benefited from strong traffic growth and improved monetisation,” said Baidu’s chairman and chief executive officer, Robin Li. “We were especially encouraged with the strong spending from large customers.”
Baidu said it expects more strong growth this year and forecast a 75.1 per cent to 79.5 per cent increase in total revenue for the July-September quarter.
Baidu, already China’s most popular search engine, has expanded its market share since rival Google closed its China search engine last year after saying it no longer wanted to comply with the communist government's internet censorship.