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:
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.
- >> NEXT STORY: Logitech intro Call of Duty: Modern Warfare 3 themed gaming keyboard and mouse
- << PREVIOUS STORY: Corsair Force Series SSD goes through some life testing
PRICING: You can find products similar to this one for sale below.
United States: Find other tech and computer products like this over at Amazon.com
United Kingdom: Find other tech and computer products like this over at Amazon.co.uk
Australia: Find other tech and computer products like this over at Amazon.com.au
Canada: Find other tech and computer products like this over at Amazon.ca
Deutschland: Finde andere Technik- und Computerprodukte wie dieses auf Amazon.de