Reuters: Technology News: China search engine company Baidu posts slower revenue growth

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China search engine company Baidu posts slower revenue growth Oct 29th 2012, 21:11 Tweet Share this Email Print Related News Facebook mobile revenue grows faster than expected Tue, Oct 23 2012 Mobile revolution, economy trip up tech giants Fri, Oct 19 2012 Google results miss; shares dive after premature report Fri, Oct 19 2012 Analysis: How long can Google's shares stay airborne? Wed, Oct 17 2012 Google in industry's "defining fight" with Apple, Schmidt says Thu, Oct 11 2012 Analysis & Opinion Procter & Gamble earnings give CEO McDonald some relief Internet parasitism powers Barry Diller's returns The company logo of Baidu can be seen at its headquarters located in Beijing March 24, 2010. Credit: Reuters/David Gray SAN FRANCISCO | Mon Oct 29, 2012 5:11pm EDT SAN FRANCISCO (Reuters) - Baidu Inc, China's largest search engine company, posted its slowest quarterly revenue growth in more than two years, hurt by slowing sales as economic growth slows. Baidu said on Monday that revenue in the third quarter was $994.6 million, up 49.7 percent from the year-ago period. For the fourth quarter, Baidu said it expects revenue of $979.3 million to $1.010 billion, below the average analysts' forecasts of $1.03 billion according to Thomson Reuters I/B/E/S. Baidu posted net income of $478.6 million in the three months ended September 30, up roughly 60 percent year-on-year. Baidu said it earned $1.39 per American Depository Share in the third quarter, excluding stock-based compensation expenses. Baidu, which has dominated the search market since Google Inc relocated its search engine to Hong Kong in a row over censorship in 2010, is facing a new challenge from China's top anti-virus software firm, Qihoo 360 Technology. A search engine launched by Qihoo in August has started to gain traction, accounting for 5-10 percent of search traffic since its launch, according to data from research firm Analysys International. Baidu shares have fallen about 2 percent this year on expectations that it will be hurt by slower economic growth in China, underperforming a 14 percent rise on the Nasdaq exchange. (Reporting By Alexei Oreskovic; Editing by David Gregorio) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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