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发帖数: 10616 | 1 Apr. 27, 2011 (PR Newswire) --
BEIJING, April 27, 2011, /PRNewswire-Asia/ -- Baidu, Inc. (NASDAQ: BIDU),
the leading Chinese language Internet search provider, today announced its
unaudited financial results for the first quarter ended March 31, 2011(1).
First Quarter 2011 Highlights
* Total revenues in the first quarter of 2011 were RMB2.436 billion ($
372.0 million), an 88.3% increase from the corresponding period in 2010.
* Operating profit in the first quarter of 2011 was RMB1.195 billion ($
182.4 million), a 125.1% increase from the corresponding period in 2010.
* Net income in the first quarter of 2011 was RMB1.071 billion ($163.5
million), a 122.8% increase from the corresponding period in 2010. Diluted
earnings per ADS(2) for the first quarter of 2011 were RMB3.06 ($0.47);
diluted earnings per ADS excluding share-based compensation expenses (non-
GAAP) for the first quarter of 2011 were RMB3.15 ($0.48).
(1) This announcement contains translations of certain RMB amounts into U.S.
dollars at specified rates solely for the convenience of the reader. Unless
otherwise noted, all translations from RMB to U.S. dollars are made at a
rate of RMB6.5483 to US$1.00, the effective noon buying rate as of March 31,
2011 in The City of New York for cable transfers of RMB as certified for
customs purposes by the Federal Reserve Bank of New York.
(2) Effective on May 12, 2010, Baidu adjusted the ratio of its American
depositary shares ("ADSs") representing Class A ordinary shares from one (1)
ADS for one (1) Class A ordinary share to ten (10) ADSs for one (1) Class A
ordinary share. All earnings per ADS figures in this announcement give
effect to the forgoing ADS to share ratio change.
"Monetization improvements combined with continuing solid traffic growth
drove another great quarter for Baidu," said Robin Li, chairman and chief
executive officer of Baidu. "We remain focused on enhancing our Phoenix Nest
platform to improve return on investments for our existing customers and
enhancing awareness of the benefits of search engine marketing among the
tens of millions of SMEs and large companies in China who are not yet using
our Phoenix Nest platform."
Mr. Li continued, "User experience is central to our success, and users are
responding positively to our efforts to integrate many different forms of
data and applications into search. We are particularly excited about the
growth of our open application platform, which now generates millions of
clicks per day. Groundbreaking initiatives like this help us attract and
retain users and demonstrate the progress of Box Computing, our vision for
the future in which users will access the Internet through a simple command
box powered by sophisticated backend programming."
Jennifer Li, Baidu's chief financial officer, commented, "Our top and bottom
line results grew strongly in the first quarter despite usual seasonal
weakness. We will continue to support the long-term growth of the Company by
focusing significant investment on R&D, marketing, network infrastructure
and strategic investments over the coming quarters."
First Quarter 2011 Results
Baidu reported total revenues of RMB2.436 billion ($372.0 million) for the
first quarter of 2011, representing an 88.3% increase from the corresponding
period in 2010.
Online marketing revenues for the first quarter of 2011 were RMB2.435
billion ($371.8 million), representing an 88.2% increase from the
corresponding period in 2010. Baidu had approximately 274,000 active online
marketing customers in the first quarter of 2011, representing a 24.0%
increase from the corresponding period in 2010 and a 0.7% decrease from the
previous quarter. Revenue per online marketing customer for the first
quarter was approximately RMB8,900 ($1,359), a 50.8% increase from the
corresponding period in 2010 and flat compared to the previous quarter.
Traffic acquisition cost (TAC) as a component of cost of revenues was RMB198
.6 million ($30.3 million), representing 8.2% of total revenues, as compared
to 13.2% in the corresponding period in 2010 and 8.1% in the fourth quarter
of 2010.
Bandwidth costs as a component of cost of revenues were RMB121.9 million ($
18.6 million), representing 5.0% of total revenues, compared to 4.5% in the
corresponding period in 2010. Depreciation costs as a component of cost of
revenues were RMB122.8 million ($18.8 million), representing 5.0% of total
revenues, compared to 5.1% in the corresponding period in 2010.
Selling, general and administrative expenses were RMB332.6 million ($50.8
million), representing an increase of 55.0% from the corresponding period in
2010, primarily due to increased personnel costs and marketing expenses.
Research and development expenses were RMB239.3 million ($36.5 million), a
95.9% increase from the corresponding period in 2010. The increase was
primarily due to increased R&D personnel expenses.
Share-based compensation expenses, which were allocated to related operating
costs and expense line items, were RMB31.3 million ($4.8 million) in the
first quarter of 2011, compared to RMB19.5 million in the corresponding
period in 2010 and RMB28.2 million in the previous quarter.
Operating profit was RMB1.195 billion ($182.4 million), representing a 125.1
% increase from the corresponding period in 2010. Operating profit excluding
share-based compensation expenses (non-GAAP) was RMB1.226 billion ($187.2
million), a 122.8% increase from the corresponding period in 2010.
Income tax expense was RMB181.3 million ($27.7 million), compared to an
income tax expense of RMB70.7 million in the corresponding period in 2010.
The effective tax rate for the first quarter of 2011 was 14.5%, compared to
12.8% for the corresponding period in 2010 and 12.1% in the previous quarter.
Net income was RMB1.071 billion ($163.5 million), representing a 122.8%
increase from the corresponding period in 2010. Basic and diluted earnings
per ADS for the first quarter of 2011 amounted to RMB3.07 ($0.47) and RMB3.
06 ($0.47), respectively.
Net income excluding share-based compensation expenses (non-GAAP) was RMB1.
102 billion ($168.3 million), a 120.3% increase from the corresponding
period in 2010. Basic and diluted earnings per ADS excluding share-based
compensation expenses (non-GAAP) for the first quarter of 2011 amounted to
RMB3.16 ($0.48) and RMB3.15 ($0.48), respectively.
As of March 31, 2011, Baidu had cash, cash equivalents and short-term
investments of RMB8.644 billion ($1.320 billion). Net operating cash inflow
and capital expenditures for the first quarter of 2011 were RMB977.3 million
($149.2 million) and RMB386.8 million ($59.1 million), respectively.
Adjusted EBITDA (non-GAAP), defined in this announcement as earnings before
interest, taxes, depreciation, amortization, other non-operating income and
share-based compensation expenses, was RMB1.387 billion ($211.9 million) for
the first quarter of 2011, representing a 116.4% increase from the
corresponding period in 2010.
Outlook for Second Quarter 2011
Baidu currently expects to generate total revenues in an amount ranging from
RMB3.230 billion ($493.3 million) to RMB3.300 billion ($503.9 million) for
the second quarter of 2011, representing a 68.7% to 72.4% year-over-year
increase. This forecast reflects Baidu's current and preliminary view, which
is subject to change.
Conference Call Information
Baidu's management will hold an earnings conference call at 8:00 PM on April
27, 2011 U.S. Eastern Daylight Time (8:00 AM on April 28, 2011 Beijing/Hong
Kong time).
Dial-in details for the earnings conference call are as follows:
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