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Chinese search giant Baidu Q1 net income up 165-percent

Chinese search giant Baidu posts high growth earnings as Google exits China

The largest Chinese-based online search engine, Baidu, has released first quarter earnings for 2010, posting a massive 165-percent increase in quarterly revenue over the same period last year.

The company reported total revenue of $189.6M in the latest Q1 2010 period, up 59.6-percent from Q1 2009. Operating profits in Q1 2010 were $77.8-million, up over 165-percent from Q1 2009.

Net income in the first quarter of 2010 was $70.4-million, also up significantly by 165-percent from the same period in fiscal 2009.

Retained earnings as at March 31, 2010 was $3,921-million, slowly increasing from $2,136-million from the same period last year.

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