Baidu Q2 profit up 87 percent, beats estimation

BEIJING, Jul 24, 2008 (Xinhua via COMTEX) -- BIDU | Quote | Chart | News | PowerRating -- Baidu.com (BIDU.NASDAQ) has reported a net profit of 38.6 million US dollars for Q2, up 86.7 percent year on year, which beats analysts' expectation.

"Our ability to make such progress was due to the appreciation of paid search by our loyal small and medium sized enterprise customers as well as a growing appreciation of search engine marketing by large enterprises in China," said Robin Li, Baidu's chairman and CEO.

In the quarter ended July 30, the search engine's total revenue grew 100 percent to hit 117 million dollars, and its operating profit went up 114.3 percent to 40.3 million dollars.

Its Q2 diluted earnings per share were 1.11 dollars, or 1.23 dollars on non-GAAP base.

Baidu's Japan business cost the company 4.3 million dollars, which reduced its diluted EPS by 0.12 dollar.

The company projects its Q3 revenue at 132 million to 136 million dollars, representing a year-on-year growth ranging from 82 percent to 88 percent.

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