Baidu’s 1Q-profit spikes on search business
Baidu Inc, the nation’s leading Internet search provider, said that first-quarter revenue soared 59.1 percent year-on-year to 9.5 billion yuan ($1.53 billion).
The Beijing-based company released unaudited results for the first three months of this year that showed net profit expanded 24.1 percent year-on-year to 2.54 billion yuan.
The performance was powered by the company’s core search business, said Robin Li, founder and CEO of Nasdaq-listed Baidu.
Compared with its rivals — Tencent Holdings Ltd and Alibaba Group Holding Ltd — Baidu appears to be slowing its merger and acquisition efforts. But it has invested heavily in its research and development team. According to its first-quarter statement, R&D expenses surged 57.5 percent year-on-year to 1.28 billion yuan. (Photo 2)