Baidu profit falls 4.5 percent on higher costs

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Associated Press

Posted on July 24, 2013 at 11:06 PM

Updated Wednesday, Jul 24 at 11:06 PM

BEIJING (AP) — Baidu Inc., which operates China's most popular search engine, says its latest quarterly profit fell 4.5 percent due to higher expenses, while its fledgling mobile business grew.

Beijing-based Baidu said Thursday it earned 2.6 billion yuan ($430.8 million) in the three months ending June 30.

Revenue rose 38.6 percent from a year earlier to 7.6 billion yuan ($1.2 billion) but promotion and other expenses rose 83.5 percent.

Baidu said its business serving the growing number of Chinese who go online via smartphones and tablet computers accounted for more than 10 percent of its revenue for the first time.

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