China’s largest internet search engine Baidu, has reported a 70% jump in profits in the second quarter with continued growth in its online advertising revenue.
The firm reported a net profit of £282 million (2.8 bilion) in the three months to the end of June.
Its advertising revenue rose almost 60% during the period to £55o million (5.5bn yuan).
Baidu has almost an 80% share of China’s online search market, making it an attractive option for advertisers.
Analysts said that being the biggest player in the sector had given Baidu more bargaining power with firms looking to advertise on its portal.
China is the world’s biggest internet market with more than 500 million users and that numbers is expected to grow even further.
As more people get connected to the internet, firms are also trying to use the medium in a bid to tap into potential customers, adding to growth of online companies such as Baidu.
Baidu reported that the number of clients that advertised on its portal grew by more than 18% in the second quarter, from a year earlier.
At the same time, Baidu has also made moves to diversify its business, in a bid to sustain its high levels of growth.
Earlier this year, the firm launched a low cost smartphone to tap into the country’s fast growing mobile market and the increasing number of consumers who are accessing the internet through such devices.
Robin Li, chairman and chief executive of Baidu, said that the firm was likely to see robust growth in the near term.
“In the coming quarters, we will maintain momentum by rolling out optimised sales processes and more advanced tools to help current and potential customers increase returns on their online marketing spend,” he said.
“We will also continue to actively explore the vast opportunities in China’s fast emerging mobile internet and cloud sectors.”