Baidu Earnings Release: Shares Pop 1.7% as Shareholders Cheer
On Thursday, Baidu (NASDAQ:BIDU) reported strong fourth quarter earnings with revenues of RMB 4.474 billion ($710.9 million), representing an 82.5 percent rise from the same quarter in 2010. Net income increased 76.9 percent to RMB 2.054 billion ($326.3 million).
For 2011, total revenues increased 83.2 percent to$2.304 billion while net income was $1.055 billion, an 88.3 percent increase from the previous year.
The company’s fourth quarter GAAP earnings were $0.93 while its non-GAAP earnings came in at $0.95. This beat analyst expectations of $0.91, up 50 cents from the same quarter in 2010.
In the earnings press release, Robin Li, chairman and chief executive officer of Baidu said, “I’m pleased to report that we closed the year with solid financial results as strong execution allowed us to benefit from exceptional market opportunities…Over the course of 2011, we made great progress on the Baidu Open Data and Open Application platforms, executed effectively on our landing page strategy, and rolled out several new initiatives, including our personalized homepage and the Baidu Yi mobile platform…In 2012, we will continue to innovate and to solidify Baidu’s central position in China’s Internet ecosystem.”
Other increases for the fourth quarter included online marketing revenues rising to $709.7 million (82.3 percent). Baidu hit 311,000 active online marketing customers for the quarter, representing a 12.7 percent increase.
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