Sunday, October 24, 2010

Baidu Doubles Earnings, Grabs Google Share

Baidu, China's top search engine operator, more than doubled its quarterly net profit as an increase in paid click volume and new customer additions boosted revenue.

Receptionist at Baidu.com officeReceptionist at Baidu.com office

Baidu, which has grabbed market share from Google  since the latter's high-profile falling-out with Beijing this year, dominates over 70 percent of China's search market and is aggressively seeking other revenue streams by diversifying into e-commerce and online video.

It expects revenue for the fourth quarter to come in at $354.2 million to $364.7 million, ahead of the average analyst forecast for $348.5 million.

Third-quarter net income rose to $156.4 million, or 45 cents a share, from $72.2 million, or $2.07 per share, a year ago, before a 10-for-1 stock split. Analysts were expecting earnings of 41 cents per share.

Revenue surged to $337.2 million from $187.3 million a year ago. Analysts, on average, had expected revenue of $333.3 million, according to Thomson Reuters I/B/E/S.

Shares of Baidu , which closed at $102.48 in trade on the Nasdaq Thursday, were last up 3 percent in extended trading. Get after-hour quotes for Baidu here.

The stock climbed 2.5 percent during Thursday's regular session and has more than doubled since Google's troubles in China began in January.

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