News Summary: Profit growth slows at China's Baidu

News Summary: Profit growth slows at Chinese search engine Baidu as costs rise

By The Associated Press | Associated Press – Sat, Apr 27, 2013 2:48 AM SGT

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SymbolPriceChange
B1C.HM65.55-0.32
BIDU93.89-1.25

PROFIT SLOWDOWN: Baidu Inc., which operates China's most popular search engine, says profit rose 8.5 percent in its latest quarter, to about $329 million. That's down from growth of 36 percent in the previous period.

REVENUE GROWTH: Revenue rose 40 percent to $961 million, but expenses climbed faster.

MOBILE WOES: Baidu dominates China's PC-based search market, but it has lost some market share in mobile. Increasing numbers of Chinese people are browsing the Internet on mobile phones and tablets.

 
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