China’s Internet wave continues to roll on. Benefitting from growth in China’s Internet use and search-related advertising, search engine Baidu said this morning that net profit in the first three months of 2011 rose by 123% from a year earlier to $163.5 million.
Baidu said first-quarter revenue soared by 88.3% to $372 million.
With a majority of Chinese still not yet among the country’s population of Internet users, Baidu has “plenty of room” to continue to grow, Li said on an earnings call this morning.
Baidu’s shares were down 0.8% ahead of the report, but have gained more than 140% in the past year. The company has benefitted from what critics say have been missteps in China by Google.
Baidu said its expects second-quarter revenue to total $493-504 million.
Li ranked no. 95 on the 2011 Forbes Billionaires List with wealth of $9.4 billion.
Debate about the future of the Internet in China continues, with fresh news seemingly arriving weekly to stir the debate. Recently, the Chinese government mandated that ISPs help i
IN 1492, the same year that Christopher Columbus crossed the Atlantic, a Benedictine abbot named Trithemius, living in western Germany, wrote a spirited defence of scribes who trie