Baidu, China’s largest internet search group, reported a 23.5 per cent increase in first-quarter net profits as it took advantage of continued growth in the number of web users in Asia’s second largest economy.

But the Nasdaq-listed company warned that the global downturn was affecting online advertising. The company registered a rare drop in the number of of active online marketing customers – companies bidding for paid search listings or keywords or buying ads on Baidu’s pages – and in the revenue per online marketing customer from the fourth quarter.

Financial Times – 28^th April

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