Baidu Q2 profits surge 70% on booming ad sales

A employee uses his mobile phone as he walks past the company logo of Baidu at its headquarters in Beijing, in this August 5, 2010 file photograph. [Photo/Agencies]

BEIJING - Chinese Internet search giant Baidu Inc. said Tuesday its second-quarter profits jumped 69.6 percent year on year due to stronger advertising sales.

The company's profits rose to 2.77 billion yuan ($436 million) in the second quarter. Revenues jumped 59.8 percent year on year to 5.46 billion yuan, according to a statement posted on the company's website.

Baidu's search advertising surged to 5.45 billion yuan, accounting for more than 99 percent of its total revenues.

The Beijing-based company maintained its lead in the country's search market, holding a 78.6-percent market share in the second quarter, followed by Google China and Sogou, according to a report from Analysys International, a domestic advisor on technology, media and telecom industries.

Baidu forecast its third-quarter revenues to reach between 6.25 billion yuan and 6.41 billion yuan, up 49.6 to 53.5 percent from one year earlier.