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Baidu posts profit increase, vows to diversify
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CHINA’S leading search engine Baidu posted its first profit increase in three quarters as performance recovered from the recent crackdown on unqualified advertisers.
Profit in the second quarter surged 83 percent to 4.42 billion yuan (US$651 million) thanks to strong progress in its mobile app and newsfeed advertising.
Revenue grew 14.3 percent from a year ago to 20.87 billion yuan, as the amount of advertising spending from each paying advertiser also increased.
Baidu chairman and chief executive officer Robin Li said the company will execute two strategic pillars, to strengthen mobile foundation and to lead in AI.
Chief Operating Officer Lu Qi has been driving the search engine giant’s transformation towards artificial intelligence as the company is working to extend its reach beyond its core business.
“Our Mobile Baidu App and our news feed product showed strong progress, and the online active customer base also posted solid increases — we will continue to drive operational efficiency on our platform and invest in the core strength of technology,” Lu said.
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