Baidu Set to Double Revenue in 2004

According to this Reuters article, Chinese search company Baidu will see their revenues double in 2004. Google holds a minority stake in the company.

The country’s search market will be worth an estimated $50 million this year and its expected to grow to $200m by 2006, according to iResearch. A recent iResearch survey found that Baidu is nearly twice as popular among Chinese Internet users as Google, with a market share of about 49 percent. But competition has been rising after Yahoo beefed up its presence by buying 3721 for $120m late last year.

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