Baidu slurps up Google's leavings, pockets $1bn
Eric's 'gift to Robin': Double income on Chinese searches
Chinese search giant Baidu has almost doubled its income over the last year and made more than half a billion dollars in profit.
Baidu said turnover in the fourth quarter was up 94.4 per cent to $371.3m (RMB 2.45bn) and operating profit was up 175.8 per cent to $193.2m or RMB 1.275bn.
This gave China's largest search engine total revenue of $1.19bn for fiscal 2010 and net income of $534.1m, up 137.4 per cent higher than in 2009.
Chief executive Robin Li said the company continued to build on its clear leadership for Chinese search. He predicted further integration of Baidu's search technology into ecommerce and social networking.
Eric Schmidt described Google's departure last year from China as a gift to Robin.
The firm expects to make between $360.6m and $371.2m in the first quarter of 2011.
Baidu's full earnings release is here. ®