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Baidu Profit Beats Estimates as Smartphones Lure Ad Buyers

Baidu Inc., owner of China’s largest Internet search engine, reported second-quarter profit that beat analysts’ estimates as advertisers spend more money to reach customers surfing the Web with their smartphones and tablets.

The Beijing-based company reported net income of 2.64 billion yuan ($431 million), compared with the 2.6 billion-yuan average of eight analysts’ estimates compiled by Bloomberg. Revenue rose 39 percent to 7.56 billion yuan, according to a statement released today.