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Baidu announces its first quarter fiancial results25th April 2008 9:04 am Baidu Baidu.com, Inc. (Nasdaq: BIDU), the leading Chinese language Internet search provider, today announced its unaudited financial results for the first quarter ended March 31, 2008.
This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0120 to US$1.00, the effective noon buying rate as of March 31, 2008 in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. First Quarter 2008 Highlights – Operating profit in the first quarter of 2008 increased to RMB147.4 million (US$21.0 million), representing a 99.6% increase from the corresponding period in 2007. – Net income in the first quarter of 2008 increased to RMB146.6 million (US$20.9 million), representing a 71.5% increase from the corresponding period in 2007. – Diluted earnings per share (”EPS”) for the first quarter of 2008 were RMB4.22 (US$0.60); diluted EPS excluding share-based compensation expenses (non-GAAP) for the first quarter of 2008 were RMB4.68 (US$0.67). Costs and expenses related to Baidu’s Japan operations in the first quarter of 2008 were RMB30.1 million (US$4.3 million), which reduced diluted EPS by RMB0.87 (US$0.12). – The number of active online marketing customers during the first quarter grew to approximately 161,000, an increase of 3.9% from the previous quarter. “This was another excellent quarter for Baidu,” said Robin Li, Baidu’s chairman and CEO. “Our revenue growth remained strong and is an indication of our ability to execute our strategy of providing the best possible user experience and service to our customers. Instrumental to our growth were the ceaseless efforts of our sales force and customer service teams who continued to deliver strong results despite a long Chinese New Year holiday and severe snow storms across large parts of hina. In addition, a larger customer base contributed to strong organic and Baidu Union growth.” During the first quarter Baidu launched the public testing of Baidu Hi, an instant messaging platform complementing Baidu’s suite of other already popular products such as Baidu Knows, Baidu Post Bar and Baidu Space. Initial results indicate a positive response to the new product. Baidu also recently signed an agreement with China Netcom (CNC). Under the agreement, First Quarter 2008 Results Baidu reported total revenues of RMB574.4 million (US$81.9 million) for the first quarter ended March 31, 2008, representing a 108.4% increase from the corresponding period in 2007. Online marketing revenues for the first quarter were RMB572.7 million (US$81.7 million), representing a 108.5% increase from the first quarter of 2007. The growth was mainly driven by increases in the number of active online marketing customers as well as revenue per customer. Baidu had nearly 161,000 active online marketing customers in the first quarter of 2008, representing a sequential increase of 3.9% and an increase of 43.8% from the corresponding period in 2007. Revenue per online marketing customer for the first quarter remained stable sequentially at approximately RMB3,600 (US$513), and increased approximately 44.0% from the Traffic acquisition costs (TAC) as a component of cost of revenues were RMB76.6 million (US$10.9 million), representing 13.3% of total revenues, compared to 10.3% in the corresponding period in 2007. The increase in TAC as a percentage of total revenues primarily reflects the continued growth of revenue contribution from Baidu Union members. Bandwidth costs as a component of cost of revenues were RMB38.4 million (US$5.5 million), representing 6.7% of total revenues, compared to 7.8% in the corresponding period in 2007. Depreciation costs as a component of cost of revenues were RMB53.2 million (US$7.6 million), representing 9.3% of total revenues, compared to 9.4% in the corresponding period in 2007. Selling, general and administrative expenses were RMB147.0 million (US$21.0 million), representing an increase of 96.3% from the corresponding period in 2007, primarily due to expansion of the direct sales force. Research and development expenses were RMB51.4 million (US$7.3 million), representing a 105.9% increase from the corresponding period in 2007, primarily due to an increase in research and development staff. Share-based compensation expenses, which were allocated to related operating cost and expense line items, increased in aggregate by 32.5% to RMB16.2 million (US$2.3 million) in the first quarter of 2008 from RMB12.2 million in the corresponding period in 2007. Operating profit was RMB147.4 million (US$21.0 million), representing a 99.6% increase from the corresponding period in 2007. Operating profit excluding share-based compensation expenses (non-GAAP) was RMB163.5 million (US$23.3 million) for the first quarter of 2008, a 90.1% increase from the corresponding period in 2007. Adjusted EBITDA (non-GAAP), which is defined in this announcement as earnings before interest, taxes, depreciation, amortization, other non- operating income and share-based compensation expenses, were RMB228.4 million (US$32.6 million) for the first quarter of 2008, representing a 93.5% increase from the corresponding period in 2007. Income tax expense was RMB10.9 million (US$1.5 million), compared to an income tax expense of RMB1.4 million in the first quarter of 2007. The increase in tax over previous quarters is due to expected increases in tax rates applied to two PRC-based subsidiaries as their tax holidays either expired or partially elapsed. Net income was RMB146.6 million (US$20.9 million), representing a 71.5% increase from the corresponding period in 2007. Basic and diluted EPS for the first quarter of 2008 amounted to RMB4.29 (US$0.61) and RMB4.22 (US$0.60), respectively. Net income excluding share-based compensation expenses (non-GAAP) was RMB162.8 million (US$23.2 million), a 66.6% increase from the corresponding period in 2007. Basic and diluted EPS excluding share-based compensation expenses (non-GAAP) for the first quarter of 2008 were RMB4.77 (US$0.68)and RMB4.68 (US$0.67), respectively. As of March 31, 2008, Baidu’s cash, cash equivalents and short-term investments amounted to RMB1.7 billion (US$237.6 million). Net operating cash inflow and capital expenditures for the first quarter of 2008 were RMB248.9 million (US$35.5 million) and RMB158.5 million (US$22.6 million), respectively. A portion of the capital expenditure was associated with the Outlook for Second Quarter 2008 Baidu currently expects to generate total revenues in an amount ranging from RMB780 million (US$111 million) to RMB800 million (US$114 million) for the second quarter of 2008, representing a 94.4% to 99.4% increase from the corresponding period in 2007 and a 35.8% to 39.3% increase from the first quarter of 2008. This forecast reflects Baidu’s current and preliminary view, which is subject to change. Want to gain exposure Online in China? then contact Hit Search. Remember, its a big world out there, make sure you become visible. Baidu signs strategic agreement with China Netcom8th April 2008 6:12 pm Baidu Baidu.com, Inc. (Nasdaq: BIDU), the leading Chinese language Internet search engine, today announced the signing of an agreement with China Netcom Group (CNC) (NYSE: CN; 0906.HK) to jointly provide a Baidu-powered Internet search page for CNC users.
According to the agreement, Baidu’s leading Internet search service will be leveraged to help CNC Internet users find information they need online more efficiently by powering a jointly designed search page that users will be redirected to after they attempt to visit an incorrect or nonexistent URL. “We are determined to become the leading provider of broadband communications and multimedia services in China,” said Yiming Fang, CNC’s general manager of media business. “Our goal is to provide our users with the most convenient, efficient and comprehensive service by coupling our vast customer base with Baidu’s leading technology and market position in search. The synergy between Baidu and CNC will be enormously valuable for all of our customers.” “As one of the 2008 Beijing Olympic Games sponsors, CNC commands an extensive customer base and shares core values with Baidu, such as a commitment to providing user-oriented services. These commonalities served as the foundation of our partnership,” added Haoyu Shen, Baidu’s vice president of business operations. “As we continue to transform Baidu Union from a search and advertising network to a true business solutions provider, Baidu is increasingly lending expertise in search and product design and development of business models to partners. We find these types of partnerships mutually beneficial.” “CNC is the leading national telecom operator with dominant market share in northern China,” Shen continued, “In addition to bringing an easier and more enjoyable user experience to CNC’s customers, the joint offering will also popularize the use of Internet search engines among new users who might be unfamiliar with Internet search. We are confident that this agreement will strengthen Baidu’s position as the search engine partner of choice for telecom operators seeking to improve services or customers.” Want to gain exposure in China? then contact Hit Search. Remember, its a big world out there, make sure you become visible. Baidu appoints Peng Ye as CEO2nd April 2008 4:01 pm Baidu Baidu.com, Inc. (Nasdaq: BIDU), the leading Chinese language Internet search provider, today announced the appointment of Mr. Peng Ye as chief operating officer. “We are pleased to have Mr. Peng Ye joining us as chief operating officer,” said Robin Li, Baidu’s chairman and chief executive officer. “With his years and wide range of experiences in sales, marketing and business operations management, as well as software development in the IT and telecom industries, Peng is a strategic addition to our management team. We are confident that Peng will make significant contributions to Baidu’s future as we extend our leadership position in the Chinese language Internet search market and broaden our product and services offerings to new and existing users.” Peng Ye joins Baidu from Apple China, where he served as country general manager. In that role, Ye oversaw all business operations for Apple China. Prior to that, Ye worked for SatCom AG as managing director and for Motorola Mobile Business North Asia as vice president of Asia Pacific and general manager of New Wireless Carrier Operations. Ye also served Nortel China and Nortel Europe for seven years in several senior management and product development positions. Ye holds a Ph.D in Information and Software Engineering from the University of Ulster in the UK, an EMBA from China Europe International Business School, a Master of Information System Engineering from the National University of Defense Technology in China and a Bachelor of Computer Communications from Nanjing University of Post and Telecommunications in China. Want to gain exposure Online in China? then contact Hit Search. Remember, its a big world out there, make sure you become visible. Baidu appoints Jennifer Li as Chief Financial Officer25th March 2008 10:33 am Baidu Baidu.com, Inc. (Nasdaq: BIDU), the leading Chinese language Internet search provider, today announced the appointment of Jennifer Li as chief financial officer, effective March 31, 2008. “We are thrilled to welcome Jennifer Li to our senior management team at Baidu,” said Robin Li, Baidu’s chairman and chief executive officer. “Jennifer is an experienced financial leader who brings over 13 years of treasury, corporate finance and financial analysis experience. She has worked in the manufacturing and financial service industries and has a proven track record of leading finance functions. We look forward to drawing upon Jennifer’s vast strategic and financial expertise as we continue to lead China’s growing Internet search market.” Jennifer Li joins Baidu from GMAC, where she served as Controller of GMAC’s North American Operations. In that role, she led a staff of 200 in the US and Canada and was primarily responsible for financial accounting and reporting, business planning and forecasting, performance analysis and strategic development. Prior to that, Li was chief financial officer of General Motors China where she was responsible for overseeing finance functions of GM’s wholly owned and joint venture businesses. Over the years Li has held several other finance positions at General Motors in China, Singapore, the United States and Canada. Li holds a Master of Business Administration from the University of British Columbia in Vancouver, B.C., Canada and a Bachelor of Arts from Tsinghua University in Beijing, China. Would you like to know more about Digital Marketing? If so, contact Hit Search on 0845 643 9289. Remember, its a big world out there, make sure you become visible. Baidu to present at ChinaVenture Investment Conference6th March 2008 5:31 pm Baidu Baidu.com, Inc. (Nasdaq: BIDU), the leading Chinese language Internet search provider, today announced that Mr. Robin Li, Baidu’s chairman and chief executive officer, will present at the Piper Jaffray & ChinaVenture Investment Conference 2008 at he JW Marriott Hotel at Tomorrow Square in Shanghai, China.
The presentation is scheduled to take place at 9:20AM Beijing/Hong Kong Time on Tuesday, March 11th, 2008. Baidu.com, Inc. is the leading Chinese language Internet search provider. As a technology-based media company, Baidu aims to provide the best way for people to find information. In addition to serving individual Internet search users, Baidu provides an effective platform for businesses to reach potential customers. Baidu’s ADSs, each of which represents one Class A ordinary share, currently trade on the NASDAQ Global Select Market under the symbol “BIDU”. Want to gain exposure in China? then contact Hit Search. Remember, its a big world out there, make sure you become visible. Subscribe To Our RSS Feed! 
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