Baidu reports quarterly profit up 34 percent as revenue from mobile tops 30 percent
Baidu Inc., which operates China's most popular search engine, says its quarterly profit rose 34 percent over a year earlier as its mobile business grew.
Baidu said Friday it earned 3.5 billion yuan ($571.1 million) in the three months ended June 30. Revenue rose 58.5 percent to 11.9 billion yuan ($1.9 billion).
Baidu and other Internet companies are building mobile e-commerce and other services as Chinese users shift rapidly to going online using smartphones and tablet computers. Baidu dominates traditional Internet search but is a much smaller presence in mobile.
The contribution of mobile to Baidu's total revenue rose above 30 percent for the first time, chairman Robin Li said in a statement.
Li said, "We had a great quarter as we continued to build very strong mobile momentum."