Chinese search giant Baidu reports flat profit growth but large growth in revenue

China’s leading search engine, Baidu, reported flat profit growth for the fourth quarter as the company continued its spending spree on research and product promotion. For the period ended on December 31, Baidu’s net profit was 2.8 billion yuan (US$454 million), representing a 0.4 percent year-over-year decrease. Revenues, however, met the high end of the company’s projections for the quarter, reaching 9.5 billion yuan, rising by 50 percent year over year.