Baidu Raises Revenue Forecasts In Wake Of Google’s Potential China Exit
TechCrunch Feb 09 10Baidu, the leading search engine operator in China, this afternoon reported blow-out financial results for the fourth quarter of 2009. The company's Q4 profit rose 48.2% to 427.9 million yuan (approx. $62.7 million), or $1.80 a share. Revenue rose 40% to 1.26 billion yuan, or about $184.7 million, compared to the same period a year ago. In the wake of Google's stand against censorship of its search engine in China and its consideration to cease business operations in the country altogether, Baidu - to Wall Street's surprise - raised its sales forecasts for the first quarter of 2010, projecting total revenues ranging from $176 million to $181 million, representing a 48% to 52% year-over-year increase. Full story...
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