Chinese search leader sees dramatic ad growth.
Chinese language search provider Baidu saw its revenues jump 78.4 percent in the second quarter of this year, compared with the same period in 2010, and attributed that growth to increasing demand for its advertising products.
The Google competitor took a total of RMB3.15 billion ($528.4 million) in the three months ending June 30, and reported a lift in profit of 91.2 percent, year-over-year, to reach RMB1.858 billion ($287.5 million).
Baidu currently dominates the Chinese search market, accounting for around 60 percent of queries, according to research firm Analysys International. Google, meanwhile, attracts an estimated 30 percent of searches in the market.
In a statement, Robin Li, Baidu chairman and CEO, said the company's performance was aided by significant traffic growth and an improved ability to monetize its assets. "We were especially encouraged with the strong spending from large customers," Li added.
Baidu's impressive sales numbers demonstrate the opportunity for media and technology companies in China, driven by a growing Internet user base and massive population.
In recognition of the opportunity in the search space, Microsoft announced a partnership with Baidu earlier this month that will see its Bing search product power all English-language results on Baidu.com. Commenting on the deal, Baidu Asst. CEO Zhang Dongchen said the company currently responds to millions of English search queries on a daily basis.
Revolutionize your digital marketing campaigns at ClickZ Live San Francisco! (August 10-12) Educating marketers for over 15 years, we return to San Francisco this August with our action-packed, educationally-focused agenda that will cover every aspect of digital marketing. Early Bird rates available through Friday, July 17 - save up to $300! Register today.
Jack Marshall was a staff writer and stats editor for ClickZ News from 2007 until August 2011.
US Consumer Device Preference Report
Traditionally desktops have shown to convert better than mobile devices however, 2015 might be a tipping point for mobile conversions! Download this report to find why mobile users are more important then ever.
E-Commerce Customer Lifecycle
Have you ever wondered what factors influence online spending or why shoppers abandon their cart? This data-rich infogram offers actionable insight into creating a more seamless online shopping experience across the multiple devices consumers are using.