China's Internet giant Baidu Inc reported on Friday a 33 percent increase in its revenue in the fourthquarter, beating Wall Street expectation.
The company, which is dubbed as China's Google, saw its revenue between October andDecember rise 33.1% year-on-year to 18.7 billion yuan ($2.89 billion).
Robin Li, chief executive officer, said in the earning release that the year 2015 was a touchstoneyear for Baidu as the company made significant progress in broadening its online marketingplatform and further extending its reach into transactions services.
"Even as China's overall growth slows, services and domestic consumption are growing.Services and domestic consumption-related verticals are supported by the government'sInternet+ initiative and hold tremendous potential," he said.
The Beijing-based company saw it net income increase 663% year-on-year in the fourquarter to 24.71 billion yuan.
"We are very pleased to deliver a strong set of results in the fourth quarter. In 2015, we furtherexecuted on our vision to connect people with services and drove strong momentum in this area,"said Jennifer Li, the chief financial officer. "We look forward to continuing this journey in 2016 tofurther build out Baidu's online marketing and transactions services platform."