Baidu posted double-digit percentage revenue growth in 1Q2013–but its earnings still missed analysts’ expectations as the Chinese search giant’s costs soared.
Baidu’s 1Q2013 net income increased 8.5 percent to $328.9 million (2.043 billion RMB), short of the $354.9 million (2.19 billion yuan) expected by analysts polled by Bloomberg. Total revenue rose 40 percent from $961 million (5.97 billion RMB), missing the 5.99 billion RMB analysts expected.
Many may consider China a copycat country. But some of its biggest tech players are taking western ideas and improving upon them. Baidu shows off its own steps forward in several product categories.
Chinese Internet-search company Baidu Inc. said Chief Executive Robin Li met recently with two senior Chinese officials, the latest in a series of high-level official visits with Web companies as the government tries to tighten control of the sector.
Meanwhile, Qunar.com Information Technology Co., a travel-search company of which Baidu owns a majority stake, said it planned to list its shares in the U.S. next year.
