Chinese search services provider Baidu more than doubled its net income in the first quarter of 2011. Revenues were CNY 2.44 billion, up 88.3 percent from CNY 1.29 billion in the year-ago quarter, meeting the company's guidance. Baidu had approximately 274,000 active online marketing customers in the first quarter, representing a 24 percent increase from the corresponding period in 2010 but a 0.7 percent decrease from the previous quarter. Baidu posted an operating profit of CNY 1.20 billion, up 125.1 percent from CNY 530.81 million a year earlier and net income grew by 122.8 percent to CNY 1.07 billion from CNY 480.54 million. For the second quarter Baidu expects to generate total revenues of between CNY 3.23 billion to CNY 3.30 billion, representing a 68.7 to 72.4 percent year-over-year increase.
