Baidu’s Profit Surges
Baidu Inc. reported a 70 percent increase in second-quarter profit on surging revenue, though costs at the Chinese Internet-search giant continued to rise.
The company, which generates almost all its revenue from search advertising, has enjoyed strong earnings growth in recent years. It solidified its lead in the Chinese search market after Google Inc. shifted its local search traffic to Hong Kong in 2010, following a disagreement with Chinese officials over online censorship.
