Baidu Inc, owner of China's largest internet search engine, reported second-quarter profit that beat analysts' estimates as advertisers spend more money to reach customers surfing the web with their smartphones and tablets. The Beijing-based company reported net income of 2.64 billion yuan ($431 million), compared with the 2.6 billion-yuan average of eight analysts' estimates compiled by Bloomberg.
Revenue rose 39 per cent to 7.56 billion yuan, according to a statement released on Thursday. The higher spending on acquisitions and advertising contributed to a 4.5 per cent decrease in net income from 2.77 billion yuan a year earlier, the company said. The costs to attract more traffic to its platforms rose 94 per cent from a year earlier to 880 million yuan.
Revenue rose 39 per cent to 7.56 billion yuan, according to a statement released on Thursday. The higher spending on acquisitions and advertising contributed to a 4.5 per cent decrease in net income from 2.77 billion yuan a year earlier, the company said. The costs to attract more traffic to its platforms rose 94 per cent from a year earlier to 880 million yuan.