Baidu Inc. Earnings Cheat Sheet: Beats Estimates, Shares Rise
Baidu, Inc. (NASDAQ:BIDU) reported rising profit for the fourth quarter as revenue grew as well. Baidu.com is a Chinese language Internet search provider.
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Baidu Earnings Cheat Sheet for the Third Quarter
Results: Earnings per share was 95 cents per share.
Revenue: Rose to $710.90 million.
Actual vs. Wall St. Expectations: BIDU reported adjusted net income of 95 cents per share. By that measure, the company beat the mean estimate of 90 cents per share. It beat the average revenue estimate of $700.3 million.
Quoting Management: “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,” said Robin Li, chairman and chief executive officer of Baidu. “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.” Mr. Li continued, “In 2012, we will continue to innovate and to solidify Baidu’s central position in China’s Internet ecosystem.”
Jennifer Li, Baidu’s chief financial officer, commented, “Driven by strong top line growth, Baidu enjoyed great margins in 2011, as we continued to aggressively invest in infrastructure and talent. Looking ahead, we will continue to focus on driving top line growth and invest at a robust pace to develop and capture long term market opportunities.”
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