Chinese Search Engine Baidu Makes $2.8 Billion A Year
Search continues to be a profitable online sector, regardless of geographic location and nowhere is this more evident that with Baidu, China’s number one search engine.
In the spirit of Q4 2011 earnings releases, Baidu revealed its own numbers, and based on what has come out so far, the company seems to have had a stunning year. According to the release, Q4 revenue was up 82.5% to $711 million. This translated into net income of $326.3 million—a jump of 76.9% on 2010’s figures. The solid revenue and net income figures ensured that Baidu beat Wall Street expectations soundly and chairman and CEO, Robin Li was quick to praise his team and the company for the performance.
According to Li, “I’m pleased to report that we closed the year with solid financial results as strong execution allowed us to benefit from exceptional market opportunities…Over the course of 2011, we made great progress on the Baidu Open Data and Open Application platforms, executed effectively on our landing page strategy, and rolled out several new initiatives, including our personalized homepage and the Baidu Yi mobile platform…In 2012, we will continue to innovate and to solidify Baidu’s central position in China’s Internet ecosystem.”
As more and more Chinese become locked into the internet and online living, companies like Baidu will continue to grow. The fact that it made overall revenues of $2.8 billion is telling indeed and only bodes well for the company and search in general.