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Baidu’s Huge Growth at Google’s Expense

Alphabet Inc. (NASDAQ: GOOGL) has a search business, Google, that has an average market share of 70% across the United States and most of Europe. Yet it barely has been able to get a toehold in China. Its rival in the People’s Republic, Baidu Inc. (NASDAQ: BIDU), owns almost all the market in that country, which has the world’s largest population of internet users, and the world’s largest cell phone market as well.

Baidu’s posted revenue for the most recent quarter was $2.5 billion, up 31%. The figure is...