Beijing-based Chinese portal Baidu (NSDQ: BIDU) had the pleasure of telling the Nasdaq, where its stock is listed, how Q3 net income is up nearly 80 percent to RMB 1.882 billion ($295 million) thanks to 85 percent higher revenue of RMB 4.175 billion ($654.7 million).
CEO Robin Li credits “stellar growth” to “rapid growth in customer spending and user traffic” from Chinese advertisers. “Spending by large customers significantly outperformed our expectations as we continued to build strong relationships with high quality companies,” Li said.
“China’s search industry is still in its early stages, and as the clear industry leader we see enormous room for continuing growth as users and online marketing customers become increasingly sophisticated.”
Baidu stock closed nearly six percent up on Thursday. The company forecasts similar year-on-year growth for upcoming Q4. Release.
Meanwhile, after what has been a frantic two years of chinese tech companies listing on Wall Street, another, the downloads and entertainment portal YY.com, is reportedly looking to follow suit in 2012.
The company – which has more than 120 million registered users for its IM, e-commerce site, YY Music, social gaming and education services – has engaged Credit Suisse to float to raise between $100 and $200 million, reports Thomson Reuters (NYSE: TRI) (via Sohu and Penn Olson).
Since being founded in 2005, YY has taken at least $33 million from investors including Morningside, Disney’s Steamboat and GGV.