Baidu.com Inc., the operator of China's most popular Internet search site, said second-quarter profit more than doubled after clients including Motorola Inc. bought more advertising. The stock gained 19 percent.
Net income rose to 141.9 million yuan ($18.8 million), or 4.09 yuan per American depositary receipt, from 58.5 million yuan, or 1.69 yuan, a year earlier, the company said today in a statement. Sales more than doubled to 401.3 million yuan, beating analysts' estimates.
Baidu expanded its market share in China, where it leads closest rival Google Inc. by more than 2 to 1. That helped Baidu lure companies such as Motorola and Alibaba.com Corp. to buy more search-linked ads on its site to market products to China's 162 million Web users. Revenue this quarter may exceed projections, according to a company forecast today.
Source: Bloomberg
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