Chinese Search Engine Baidu?s Q3 Revenue Up 85 Percent To $655M; Profit Up 80 Percent To $295M

Chinese search engine Baidu posted strong earnings today, with total revenue in the third quarter of 2011 coming in at $654.7 million, an 85.1% increase from the same period in 2010. Baidu's net income was up 80% to $295 million. Diluted earnings for the third quarter of 2011 were $0.84; non-GAAP earnings were for the $0.86. Baidu beat Wall Street expectations; analysts expected a profit of $0.83. Robin Li, chairman and chief executive officer of Baidu said in a release, "Baidu recorded stellar results in the third quarter driven by rapid growth in customer spending and user traffic. In particular, spending by large customers significantly outperformed our expectations as we continued to build strong relationships with high quality companies. China's search industry is still in its early stages, and as the clear industry leader we see enormous room for continuing growth as users and online marketing customers become increasingly sophisticated."

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