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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Storms knock out TVA nuclear units, power lines 27 Apr 2011 Alabama storms, tornoadoes kill 45 -authorities 27 Apr 2011 Exclusive: Facebook investors look for exits 27 Apr 2011 UPDATE 8-Buffett's Berkshire says Sokol deceived, broke law 27 Apr 2011 UPDATE 3-Sony gamers threaten to leave after hack 27 Apr 2011 Discussed 150 Texas governor calls for prayers for rain 138 Obama sees no magic bullet to push down gas prices 90 White House releases longer Obama birth certificate Watched Fire ants form rafts to defy floods Tue, Apr 26 2011 Nokia announces layoffs, outsourcing Wed, Apr 27 2011 Tornado caught on security camera video Tue, Apr 26 2011 Baidu sees stronger-than-expected Q2 revenue Tweet Share this SAN FRANCISCO (Reuters) - Baidu Inc more than doubled its profit in the first quarter and forecast stronger-than-expected revenue for the second quarter, betting on strong online advertising demand among China's businesses. Shares of Baidu, which... Email Print Related News Amazon, spending aggressively, expects rosy revenue Tue, Apr 26 2011 Ford posts best first-quarter profit in 13 years Tue, Apr 26 2011 UPS profit beats estimates, raises outlook Tue, Apr 26 2011 3M, ITW profits beat, industrials raise forecasts Tue, Apr 26 2011 China Internet market should not be treated differently: Exec Tue, Apr 26 2011 Analysis & Opinion How fareâ€™s thee? Tech wrap: Sony admits PlayStation Network privacy breach Related Topics Technology » Media » Stocks SAN FRANCISCO | Wed Apr 27, 2011 6:26pm EDT SAN FRANCISCO (Reuters) - Baidu Inc more than doubled its profit in the first quarter and forecast stronger-than-expected revenue for the second quarter, betting on strong online advertising demand among China's businesses. Shares of Baidu, which are up more than 50 percent since the start of the year, were down slightly at $150.65 in after-hours trade after closing Wednesday's regular session at$151.11. Baidu, the No. 1 Internet search engine in China, said it expects second-quarter revenue of $493.3 million to $503.9 million, above analysts' forecasts of $484.2 million, according to Thomson Reuters I/B/E/S. For the first quarter, Baidu reported net income of $163.5 million, or 47 cents per American Depository Share. This compared with $70.4 million, or $2.10 per share, a year ago, before a 10-for-1 stock split. The average analyst expectation called for earnings per ADS of 45 cents. Baidu Chief Financial Officer Jennifer Li said in a statement that the company would continue to support long-term growth by focusing significant investment on research and development, marketing and network infrastructure, among other things, in the coming quarters. China, with more than 450 million users, is the world's largest Internet market. Yet with Internet penetration hovering around 30 percent and lack of sophisticated users outside the big cities, the potential for growth is huge. Baidu, which increased its focus on e-commerce and online video, surged in dominance in China's search market after Google Inc curtailed its operations following a high-profile fallout with Beijing over censorship last year. But analysts see an increasingly competitive landscape in China's search market in the next few years, as competitors such as Sohu.com, Alibaba Group and Tencent Holdings wrestle for market share. Baidu's total revenue for the first quarter was $372 million, above its own forecast of $360.6 million to $371.2 million and up roughly 88 percent from a year ago. Analysts estimates called for revenue of $367.3 million. (Reporting by Alexei Oreskovic; Editing by Anshuman Daga, Carol Bishopric and Steve Orlofsky) Technology Media Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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