Baidu Q2 Sales Up 60% To $859M, Almost All Down To Search; Focus Is On Mobile And Cloud Ahead

Search is going very strong in China, and leading player Baidu continues to reap the benefits. In its Q2 results, the company reported sales of 5.456 billion yuan ($858.8 million), up 59.8 percent compared to the same quarter in 2011. The company's chairman and chief exec, Robin Li, said in a statement that Baidu will "maintain momentum" going forward by investing in new technology, new talent, and more products specifically geared to mobile and cloud services. But these are long-term strategies: for all intents and purposes, just about all of Baidu's revenues today are coming from online advertising and other online marketing activities: the company controls 80 percent of the search market and ads related to that accounted for RMB5.452 billion ($858.1 million) in sales, the company said. Operating profit was up by 51.5 percent to 2.815 billion yuan ($443.1 million), with net income also up by a healthy 69.6 percent to 2.770 billion yuan ($436.0 million). Diluted earnings per share were 7.86 yuan ($1.24). Both the EPS and revenues comfortably beat analyst expectations.

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