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July 22, 2010

Baidu Q2 revenue up 74.4% to RMB1.914bn

Operating profit grew 130% to RMB971.7m

By CBR Staff Writer

Chinese language Internet search provider Baidu has reported total revenues of RMB1.914bn for the second quarter of 2010, an increase of 74.4% compared to RMB1.096bn for the same period last year.

The company posted an operating profit of RMB971.7m, an increase of 130% compared to RMB422.8m for the same period a year ago.

Net income for the second quarter ended June 30, 2010, was RMB837.3m, up 119% compared to RMB383.2m for the same period last year. Diluted EPS for the second quarter increased to RMB23.98 from RMB11.02 for the same period last year.

Online marketing revenues were RMB1.91bn, representing a 74.5% increase from the corresponding period in 2009. Baidu had about 254,000 active online marketing customers, representing a 25.1% increase from the same period last year and a 14.9% increase from the previous quarter.

Revenue per online marketing customer was RMB7,500, an increase of 38.9% from the corresponding period in 2009.

Robin Li, chairman and chief executive officer of Baidu, said: "Baidu’s record top and bottom line results reflect the healthy growth of our customer base and continued improvements in monetisation efficiency.

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"This quarter’s strong performance also underscores the vast Internet market opportunities for us and the growing appreciation for search engine marketing in China."

The company said that it will continue to invest in R&D, sales and infrastructure to drive innovation, enhance monetisation and support growth.

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