Chinese language internet search provider Baidu has reported total revenues of RMB1.26bn for the fourth quarter of 2009, an increase of 39.8% compared to RMB902.1m for the same period last year.
The company posted an operating profit of RMB462.2m, an increase of 51.7% compared to RMB304.7m for the same period a year ago. Operating profit excluding share-based compensation expenses was RMB480.9m, a 47.4% increase from the corresponding period in 2008.
Net income for the quarter ended December 31, 2009 was RMB427.9m, up 48.2% compared to RMB288.7m for the same period last year. Basic and diluted EPS amounted to RMB12.33 ($1.81) and RMB12.27 ($1.8), respectively.
Robin Li, chairman and chief executive officer of Baidu, said: The year ended on a positive note as Phoenix Nest’s better than anticipated performance helped us to exceed expectations for the fourth quarter. This encouraging performance is a reflection of Baidu’s relentless focus on execution and innovation. With a solid base of users and customers, our foundation is stronger than ever and we will continue to drive innovation to capture market opportunities ahead.
Online marketing revenues were RMB1.26bn, representing a 39.8% increase from the corresponding period in 2008. Baidu had about 223,000 active online marketing customers, representing a 13.2% increase from the same period last year and a 3.2% increase from the previous quarter. Revenue per online marketing customer was RMB5,700, an increase of 23.9% compared to the third quarter of 2008.
For full year 2009, total revenues rose by 39.1% to RMB4.45bn from 2008. Operating profit was RMB1.6bn, a 46.3% increase from 2008 and net income was RMB1.5bn, an increase of 41.7% from 2008.
The company expects total revenues to be in the range of RMB1.2bn to RMB1.2bn for the first quarter of 2010, representing 48% to 52% year-over-year growth.
