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Baidu Profit Rises 80% as China Search-Engine Ad Sales Surge
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Baidu Inc., China’s biggest Internet company by market value, said third-quarter profit rose 80 percent, beating analysts’ estimates, as revenue from search-engine advertising surged.
Net income attributable to Baidu climbed to 1.88 billion yuan ($296 million), or 5.38 yuan per American depositary receipt, compared with 1.05 billion yuan, or 3 yuan, a year earlier, Baidu said yesterday. That exceeded the 1.85 billion yuan average of eight analysts’ estimates compiled by Bloomberg.