Chinese online search giant Baidu (Nasdaq: BIDU) today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2009, with Q4 revenues up 39.8% YoY, but down 1.4% QoQ, to RMB 1.261 bln (USD 184.7 mln). Net income for Q4 2009 was RMB 427.9 mln (USD 62.7 mln), up 48.2% YoY.
Online marketing revenues for Q4 2009 were RMB 1.26 bln (USD 184.6 mln), representing a 39.8% YoY increase. Baidu had about 223,000 active online marketing customers in Q4 2009, representing a 13.2% YoY increase and a 3.2% QoQ increase. Revenue per online marketing customer for Q4 was approximately RMB 5,700 (USD 828), up 23.9% YoY, but down 3.4% QoQ, primarily due to the effects of the transition from Baidu Online Marketing Classic Edition to Phoenix Nest.
Traffic acquisition cost (TAC) as a component of cost of revenues was RMB 201.9 mln (USD 29.6 mln), representing 16.0% of total revenues, as compared to 14.6% in the corresponding period in 2008 and 15.3% in the third quarter of 2009. The increases in TAC as a percentage of total revenues reflect normal fluctuation.
Research and development expenses were RMB124.4 mln (USD 18.2 mln), a 45.4% increase from the corresponding period in 2008. The increase was primarily due to the increased number of research and development personnel.
Total revenues in 2009 were RMB 4.448 bln (USD 651.6 mln), up 39.1% from 2008.
Online marketing revenues in 2009 were RMB 4.445 bln (USD 651.2 mln), up 39.2 % YoY. The growth was driven by increases in both the number of active online marketing customers and revenue per customer. Baidu had more than 317,000 active online marketing customers in 2009, representing an 11.6% increase from 2008. Revenue per online marketing customer for 2009 was RMB 14,000 (USD 2,051), an increase of 25.0% from 2008.
Traffic acquisition costs in 2009 were RMB 697.7 mln (USD 102.2 mln), representing 15.7% of total revenues, compared to 13.1% in 2008.
Net income in 2009 was RMB 1.485 bln (USD 217.6 mln), up 41.7% from 2008.
In Q1 2010, Baidu currently expects to generate total revenues in an amount ranging from RMB 1.2 bln (USD 176 mln) to RMB 1.235 bln (USD 181 mln), representing a 48% to 52% YoY increase.
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