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Chinese search engine, Baidu, sees revenue up 85% to $655 million, profit up 80% to $295 million

Chinese search engine Baidu sees huge spike in revenue, profits

| Internet & Websites News | Posted: Oct 28, 2011 10:12 am

Chinese search engine Baidu posted their earnings today, and they've got some very impressive results. Total revenue in Q3 rocks along at $654.7 million, an 85.1-percent increase from the same period last year, net income was up 80-percent to $295 million. Diluted earnings for Q3 were $0.84; non-GAAP earnings were for the $0.86. Robin Li, chairman and chief executive officer of Baidu says:

 

TweakTown image news/2/1/21325_67_chinese_search_engine_baidu_sees_revenue_up_85_to_655_million_profit_up_80_to_295_million.png

 

Baidu recorded stellar results in the third quarter driven by rapid growth in customer spending and user traffic. In particular, spending by large customers significantly outperformed our expectations as we continued to build strong relationships with high quality companies. China's search industry is still in its early stages, and as the clear industry leader we see enormous room for continuing growth as users and online marketing customers become increasingly sophisticated.

 

Baidu's operating profits in Q3 were $349.1 million, an impressive 88.5-percent increase from 2010. Online marketing revenues for Q3 were $654.4 million, another big increase of 85.1-percent from 2010. Baidu had approximately 304,000 active online marketing customers in Q3, this represents an 11.8-percent increase from 2010, and a 2-percent increase over Q2, 2011. Revenue per online marketing customer for the third quarter was approximately $2,148, a 65.1-percent increase from 2010 and a 19.1-percent increase from Q2.

 

Baidu also has cash, cash equivalents and short-term investments of $1.8 billion.

NEWS SOURCE
Techcrunch.com

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