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Reuters

Mainland internet company Baidu said it experienced strong growth in mobile search revenue during the third quarter and forecast better-than-expected revenue for the final three months of the year.
Shares of Baidu were up 5.6 per cent at US$168.30 in after-hours trading on Tuesday.
Baidu, the largest internet search engine on the mainland, projected that revenue in the fourth quarter would range between 9.22 billion yuan (HK$11.7 billion) and 9.48 billion yuan. Analysts were looking for 8.9 billion yuan.
Baidu's net income saw a bump in the third quarter, rising 1.3 per cent to 3.05 billion yuan.
Jennifer Li, Baidu's chief financial officer, said in a statement the firm would continue to "invest aggressively" in the mobile market.
The company cited strength in its mobile search revenue during the third quarter, although it did not disclose the size of its mobile revenue.
Baidu has made an aggressive push into the mainland's rapidly expanding mobile market, which saw it buy assets worth more than US$2 billion during the quarter including app store 91 Wireless for US$1.85 billion, the nation's biggest deal in the technology sector.
Baidu also snapped up social network company Renren's group-buying firm Nuomi for US$160 million as it seeks to diversify from its core search business, where it is losing market share to upstart Qihoo 360 Technology.
Baidu's revenue in the third quarter was 8.89 billion yuan, up 42 per cent year on year and slightly above the average analyst estimate of 8.81 billion yuan.


Baidu rises after strong revenue estimate

Baidu's net income saw a bump in the third quarter, rising 1.3 per cent to 3.05 billion yuan. Photo: Bloomberg

Business

China Business

Mainland internet company Baidu said it experienced strong growth in mobile search revenue during the third quarter and forecast better-than-expected revenue for the final three months of the year.
