Baidu's prices rocket on strong profit reports
27 July 2007
Baidu, China's leading internet search engine, said its second-quarter net profits had doubled year-on-year, the Wall Street Journal reported. Chairman and chief executive
officer Robin Li attributed the rise in profits to an increase in
online-marketing clients. NASDAQ-listed Baidu's online-marketing
revenue more than doubled to US$52.9 million in the second quarter. It
expects third-quarter revenues to reach US$65 million to US$66.9 million. Baidu's shares shot up to US$223 in after-hours
trading, after closing at US$183.2.