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Baidu Q1 2011 Profit Up 123% YoY

PR Newswire Asia, 4/28/11

Chinese internet company Baidu (Nasdaq: BIDU) has announced its unaudited financial results for the first quarter ended March 31, 2011, with total revenues up 88.3% YoY to reach RMB 2.44 bln.

Net income rose 122.8% YoY to reach RMB 1.07 bln.

Online marketing revenues for Q1 2011 were RMB 2.44 bln, representing an 88.2% increase YoY. Baidu had approximately 274,000 active online marketing customers in Q1 2011, representing a 24.0% increase from Q1 2010. Revenue per online marketing customer for Q1 2011 was approximately RMB 8,900, a 50.8% increase from Q1 2010.

Traffic acquisition cost (TAC) as a component of cost of revenues in Q1 2011 was RMB 198.6 mln (USD 30.3 mln), representing 8.2% of total revenues, as compared to 13.2% in Q1 2010 and 8.1% in Q4 2010.

Bandwidth costs as a component of cost of revenues in Q1 2011 were RMB 121.9 mln (USD 18.6 mln), representing 5.0% of total revenues, compared to 4.5% in Q1 2010.

Research and development expenses in Q1 2011 were RMB 239.3 mln (USD 36.5 mln), a 95.9% increase from Q1 2010. The increase was primarily due to increased R&D personnel expenses.

Baidu currently expects to generate total revenues in an amount ranging from RMB 3.23 bln to RMB 3.30 bln for Q2 2011, representing a 68.7% to 72.4% year-over-year increase.

To view Baidu's full earnings report, please click here.

Keywords: online search guidance Internet profit revenue Baidu BIDU online marketing Q1 2011 fiscal report online advertising

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