China’s mobile Internet market is growing at an “astonishing pace,” Chief Executive Officer Robin Li said on a conference call today. Baidu will step up efforts in generating sales from mobile services, which make up a small percentage of revenue at present, he said.

About 15 percent of the search queries handled by Baidu now come from mobile users, Li said. The chief executive didn’t provide targeted revenue figures for mobile services.

Fourth-quarter net income climbed to 2.05 billion yuan ($325 million), or 5.87 yuan per ADR, from 1.16 billion yuan, or 3.32 yuan, a year earlier, Baidu said in a statement.

First-quarter revenue will increase as much as 78 percent, to between 4.2 billion yuan and 4.33 billion yuan, Baidu forecast. Analysts project sales of 4.23 billion yuan, according to the average of 10 estimates compiled by Bloomberg.

The company accounted for 78.3 percent of China’s search- engine market by revenue last quarter, rising from 78.2 percent in the previous three months, according to Analysys International. Google’s share dropped to 16.7 percent from 17.2 percent, the research company said.

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Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services. www.livetradingnews.com

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Posted by Shayne Heffernan on Feb 17th, 2012and filed underBRIC, Equities, Latest News, Shayne Heffernan.You can follow any responses to this entry through theRSS 2.0Responses are currently closed, but you can trackback from your own site.