Baidu profits boosted by Olympics

Leading Chinese search engine firm Baidu.com has seen quarterly profits increase sharply, thanks to a rise in internet traffic ahead of the Olympics.

Profits hit 265m yuan ($38.6m; £19.3m) for the three months to 30 June, up from 141.9m yuan a year earlier.

Baidu is China's dominant internet search firm and holds a 63% share of the market, according to iResearch.

Quarterly revenue doubled to 802.6m yuan in the period, up from 401.3m yuan a year earlier.

News of the increase pushed shares in Baidu up 13% in after-hours trading.

Research firm Analysys International forecasts that China's internet market is set to expand at more than 30% annually.

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