Baidu.com reported profits of 181.7 million Yuan (A$26.6 million), more than double the 85.3 million Yuan for the year ago quarter. Revenue also more than doubled, from 237.6 million Yuan a year ago to 486.5 million.
“During the third quarter, we saw solid revenue and earnings growth driven by an increase in user traffic and active online customers,” said Baidu chairman and chief executive officer Robin Li.
“Our results reflect the scalability of our pay for performance (P4P) business model and demonstrate our growing reputation as the Chinese language search provider of choice,” Mr Li said.
“We also saw strong uptake of our community-based products and entertainment platforms, which we continued to enhance and expand over the third quarter to serve the evolving needs of our users. While we maintain our focus on our core search business, we also continue to launch new products and services that leverage our strengths and high user traffic.”
Baidu chief financial officer Shawn Wang said the Chinese search market was still in its early stages of development and Baidu would continue to invest in market growth.
“Looking forward, we will continue to enhance our product offerings, invest in key business segments and improve the overall user experience, as well as explore strategic partnerships that bring value to our users,” Mr Wang said.
Baidu boasts 60.5 per cent of the search market in China, up from 57.6 per cent in the previous quarter according to Analysys International.
Google is the second placed search provider with 23.7 per cent of the market, up from 21 per cent.
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