China's Baidu.com sees shares drop as profits rise

Baidu.com saw nearly triple sales growth but watched its stock prices drop over concerns that they were rising too quickly. Baidu entered the stock market in August and saw it shares open at $27, trade as high as $153, but is trading today at $69. Goldman Sachs analyst, Anthony Noto said earlier this year in a research report, “By 2008, the number of Internet users in China should reach 252 million, surpassing that of the U.S., That will still only represent 19 percent of the total population, leaving huge room for additional growth long-term. These strong secular growth trends provide a positive backdrop for Baidu.”

Sources Ecommerce Times| Bloomberg

David Temple

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