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February 5, 2013

Baidu reports 41.6% rise in Q4 revenues

Net income grew 36.1% to $448.7m for the quarter

By CBR Staff Writer

China’s largest search engine company Baidu has reported a 41.6% increase in its revenues to RMB6.33bn ($1.01bn) for the fourth quarter of 2012, compared to RMB4.47bn ($717m) it reported during the same period in 2011.

In the third quarter of 2012, the company reported a 49.7% increase in its revenues to $994.6m while in Q2 2012 and Q1 2012, Baidu posted an increase of 59.8% and 75% respectively.

For the fourth quarter of 2012, the company’s net income grew 36.1% to RMB2.79bn ($448.7m), compared to RMB2.05bn ($329m) reported for the same period in the previous year.

Operating profit increased 24% to RMB2.84bn ($457.1m) for the quarter, compared to RMB2.29bn ($367m) for the same period last year.

Online marketing revenues for the quarter were RMB6.28bn ($1.009bn) , a 40.8% increase during Q4 the year before.

Baidu chairman and chief executive officer Robin Li said: "We made encouraging progress in 2012, integrating Baidu’s superior search and search-related products and functions, like maps and image recognition, into our offering."

"In 2013 we will continue to enhance functionality, introduce new products, and step up efforts to push our products to users," Li said.

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