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February 8, 2010

Baidu Q4 revenues up 39.8% to RMB1.26bn

Expects revenues to be in the range of RMB1.2bn to RMB1.2bn for Q1 2010

By CBR Staff Writer

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.

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