Baidu exceeds Q3 expectations

China’s largest search engine operator Baidu (BIDU.NASDAQ) reported third-quarter profits of US$480.5 million, well above analysts’ estimates of US$441 million, Bloomberg reported. The figures represent an increase of 60% from the same period in 2011. Baidu so far has managed to stay ahead of competitor Qihoo 360 Technology (QIHU.NYSE) but faces renewed competition as Qihoo launched a search engine in a bid to boost sales. “We believe Baidu’s share price is likely to remain under some pressure near-term,” Hong Kong-based Barclays (BCS.NYSE, BARC.LON) analyst Alicia Yap wrote in a note. Baidu closed at US$113.84 in New York on Friday but has not traded this week due to a hurricane on the East Coast of the US. Baidu accounts for nearly 80% of the Chinese search engine market by revenue.