Baidu announces slight increase in Q3 profits

Baidu (BIDU.NASDAQ) has announced that its third quarter profits rose by 1.3%, The Wall Street Journal reported. The internet search company posted a profit of US$498 million (RMB 8.89 million) and stated that the increase in profits has come from a surge in marketing revenue. The bulk of Baidu’s revenue comes from search advertising but it is facing increased competition from Qihoo Technology (QIHU.NYSE). The Beijing-based company expects its revenues to be between US$1.51 billion (RMB9.22 billion) and US$1.55 billion (RMB9.48 billion) for the fourth quarter.