Baidu Q1 2010 Net Profit Up 165% YoY
PRNewswire-Asia, 4/29/10
Chinese online search engine Baidu (Nasdaq: BIDU) has reported its unaudited financial results for the first quarter of 2010, with total revenues reaching RMB 1.29 bln (USD 189.6 mln), up 59.6% YoY.
Net income in the first quarter was RMB 480.5 mln (USD 70.4 mln), up 165.3% YoY.
Online marketing revenues for the first quarter of 2010 were RMB 1.29 bln (USD 189.5 mln), representing a 59.6% increase from the corresponding period in 2009. Baidu had around 221,000 active online marketing customers in the first quarter of 2010, up 19.5% YoY and down 0.9% QoQ. Revenue per online marketing customer for the first quarter was approximately RMB 5,900 (USD 864), up 34.1% YoY and 3.5% QoQ.
Traffic acquisition costs (TAC) as a component of cost of revenues were RMB 171.3 mln (USD 25.1 mln), representing 13.2% of total revenues, as compared to 15.3% in the corresponding period in 2009 and 16.0% in the fourth quarter of 2009. The decrease in TAC as a percentage of total revenues reflects initiatives to drive quality improvements on Baidu Union traffic.
Research and development expenses were RMB 122.1 mln (USD 17.9 mln), up 42.6% YoY, primarily due to increased R&D personnel expenses.
Baidu currently expects to generate total revenues in an amount ranging from RMB 1.83 bln (USD 268.1 mln) to RMB 1.87 bln (USD 274.0 mln) for the second quarter of 2010, representing a 67% to 70% year-over-year increase.
To view Baidu's full earnings report, click here.
Keywords: Internet profit revenue online search Baidu Baidu Union BIDU Q1 2010 online marketing fiscal report online advertising
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