(MENAFN) Baidu Inc, which operates China's most popular internet search engine, announced its quarterly profit grew 16 percent but growth slowed as it spent more to attract users to its mobile services, Gulf News reported.
The Beijing-based company earned USD520.4 million in the three months ending December 31. Revenue grew 47.5 percent to USD2.3 billion.
Profit growth decreased from the previous quarter's 27 percent as spending on promoting mobile services soared by 89.2 percent over a year earlier.
Chinese internet companies are spending heavily to attract users as they shift quickly to going online with smartphones and other wireless devices.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.