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Baidu profit up 60 percent, revenue growth slows

Associated Press Modified: October 30, 2012 at 3:15 am •  Published: October 30, 2012

BEIJING (AP) — Baidu Inc., which operates China's most popular search engine, said Tuesday its latest quarterly profit rose 60 percent but revenue growth slowed as the Chinese economy cooled.

Profit for the three months ending Sept. 30 was $478.6 million (3 billion yuan), the Beijing-based company reported. Revenue rose 49.7 percent to $994.6 million (6.3 billion yuan) but that growth was down from the previous quarter's 60 percent.

Baidu has about 78.6 percent of China's Internet search market, ahead of No. 2 Google Inc. with 15.4 percent, according to Analysys International, a research firm in Beijing.

The rapid growth of China's Internet companies has dipped as the country's economic growth declined to a three-year low of 7.4 percent in the latest quarter. China has the world's most populous Internet market and rapid growth in numbers of people who go online via mobile phones and tablet computers has opened new opportunities.

Baidu has released a mobile browser and said in September it will invest in a cloud computing center but has been slower than some competitors such as Tencent and UCWeb to expand in mobile Web access.

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