Baidu (BIDU), China’s leading search engine reported first-quarter net income grew 24%. Baidu’s total revenues in the first quarter of 2009 were CNY810.7 million (USD 118.76 million), a 41.1% increase from the corresponding period in 2008. Net income for the quarter was CNY181.1 million (USD 26.5 million), a 23.5% increase from the corresponding period in 2008.
According to Thomson Reuters, the company said it expects revenue in the second quarter to be between $157 million and $161 million again topping analyst forecasts. Baidu recently launched a new advertising platform, called Phoenix Nest. In order to more clearly differentiate paid search results from organic, paid search ads now appear at the top of the screen in a shaded area much like the Google paid results.
Baidu will post a high growth rate “for years to come” as online demand surges in the world’s third-biggest economy, Chief Executive Officer Robin Li said as reported by Bloomberg.