Baidu Inc Shares Rise After Google Decided To Pull Out of China Markets (BIDU, GOOG)
January 15, 2010 10:13 AM
Baidu Inc, (NASDAQ: BIDU) is a Chinese language internet search provider. The company offers a unique Chinese language search platform for both users and customers.
Baidu services are designed to enable Internet search users to find relevant information online, including Chinese language web pages, news, images and multimedia files, through links provided on their websites. Baidu’s shares continued to rise to $464.93 in the wake of Google Inc’s (NASDAQ: GOOG) announcement to withdraw from China. Despite China expecting to see a huge growth in the search engine industry, Google has decided to pull out of China completely. This is because China contributes a very small part of Google's total revenue, although the reason given is more moral than that. Following this announcement, Google’s stock also rose to $592.16, probably because people still love corporates to do the "right thing."
