Baidu’s 1Q-profit spikes on search busi­ness

China Daily (Canada) - - NEWSCAPSULE -

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)

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