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Baidu Q2 Income Up 87%

Baidu Press Release, 7/24/08

Chinese online search company Baidu (Nasdaq: BIDU) has announced its unaudited financial results for Q2 2008, with net revenues reaching RMB 802.6 mln (USD 117 mln), up 100% year-on-year and 40% quarter-on-quarter.

Net income for the quarter came to RMB 265 mln (USD 38.6 mln), up 86.7% YoY and 80.8% QoQ.

Online marketing revenues for the second quarter were RMB 802.2 mln (USD 117.0 mln), representing a 100.2% increase from the second quarter of 2007.

The number of active online marketing customers during Q2 2008 grew to over 181,000, up 12.4% QoQ and 41.4% YoY. Revenue per active online marketing customer for the second quarter increased to approximately RMB 4,400 (USD 641), a sequential increase of 22.2% and an increase of 41.9% from the corresponding period in 2007.

Traffic acquisition costs (TAC) as a component of cost of revenues were RMB 101.7 mln (USD 14.8 mln), representing 12.7% of total revenues, compared to 11.2 % in the corresponding period in 2007.

The company estimates Q3 2008 revenues to range from RMB 905 mln (USD 132 mln) to RMB 935 mln (USD 136 mln), representing an 82 % to 88 % increase from the corresponding period in 2007 and a 13 % to 16% increase from the second quarter of 2008.

Keywords: fiscal report online advertising Baidu BIDU Internet online search Q2 2008

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