In a censorship battle that Google (NYSE:GOOG) lost to China, Baidu (Nasdaq:BIDU) took advantage of the misguided actions of Google to seize even more share in China and revenue growth to go with it.
Baidu Chief Executive Officer Robin Li said, “We have been gaining traffic share gradually.”
Guidance from Baidu were for revenue in the third quarter to increase 77 percent to $333 million, as it increased customers over the last three months in record numbers.
Earnings for the quarter ending June 30 increased to 837.4 million yuan, or 2.40 yuan for each American depositary receipt. That was up from 383.3 million yuan, or 1.10 yuan for each ADR receipt during the same quarter last year. Analysts had been looking for 710.4 million yuan on average.
Revenue for the quarter stood at 1.9 billion yuan, a big increase over the 1.1 billion yuan in the second quarter of 2009.
Li says the company has over 250,000 customers now, adding 33,000 more in the latest quarter.
Saturday, July 24, 2010
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