Baidu (NASDAQ:BIDU)

First Quarter 2012 Results

• Total revenues in the first quarter of 2012 were RMB4.264 billion ($677.1 million), a 75.0% increase from the corresponding period in 2011.
  
• Operating profit in the first quarter of 2012 was RMB2.091 billion ($332.1 million), a 75.1% increase from the corresponding period in 2011.
  
• Net income attributable to Baidu in the first quarter of 2012 was RMB1.883 billion ($299.0 million), a 75.9% increase from the corresponding period in 2011. Diluted earnings attributable to Baidu per ADS for the first quarter of 2012 were RMB5.38($0.85); diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses (non-GAAP) for the first quarter of 2012 were RMB5.48 ($0.87).

"We've started the year with solid financial results and steady business progress," said Robin Li, chairman and chief executive officer of Baidu. "Although this is usually a seasonally slow quarter, our effective sales and marketing efforts enabled us to expand our SME customer base significantly."

Mr. Li continued, "China's Internet landscape is evolving quickly and we are very excited about fast-emerging opportunities in areas such as mobile and Cloud Computing. We believe that Baidu is uniquely positioned to capture this immense growth potential in the Chinese online market."

Jennifer Li, Baidu's chief financial officer, commented, "We kept up our pace of investment in talent and network infrastructure in the first quarter in support of our long-term growth initiatives. We are committed to this aggressive investment strategy for the year ahead and will maintain our focus on managing operational efficiency to ensure sustainable growth."

Outlook for Second Quarter 2012

Baidu currently expects to generate total revenues in an amount ranging from RMB5.335 billion ($847.2 million) to RMB5.460 billion ($867.0 million) for the second quarter of 2012, representing a 56.2% to 59.9% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.

LONGMONT, CO--(Marketwire - Mar 19, 2012) - DigitalGlobe (NYSE: DGI), a leading global provider of high-resolution earth imagery solutions, today announced that China's most influential internet search portal, Baidu.com Inc. (NASDAQ: BIDU) ("Baidu"), has signed a subscription for DigitalGlobe high-resolution imagery covering 344 cities in China.

This agreement will enable Baidu to provide its end-users with a more robust online mapping experience in Baidu Maps and its third-party developers with increased functionality in its Baidu Maps application programming interface (API) for location-based services.

Baidu is the world's largest Chinese search engine and is China's largest online advertiser, with 80 percent market share and over 50 percent year-over-year growth.

"Baidu is excited to enter into a new relationship for DigitalGlobe imagery as we continue to grow and expand our online location-based services," said Dongchen Zhang, head of business development at Baidu. "With this agreement, Baidu can offer new ways for users to engage with the Internet while continuing to solidify Baidu's presence at the heart of China's Internet ecosystem."

DigitalGlobe's industry-leading ImageLibrary offers customers over 85 million square kilometers (km²) of highly accurate imagery in China, and over two billion km² of imagery worldwide.

"China is one of DigitalGlobe's most strategic geographic markets, and establishing this relationship with Baidu is an important step in strengthening our position in the Chinese consumer segment," said Rafay Khan, senior vice president at DigitalGlobe. "Our ever-growing ImageLibrary continues to outpace our competition, and gives us a considerable edge in rapidly changing countries like China."

Fourth Quarter and Fiscal Year 2011 Highlights

• Total revenues in the fourth quarter of 2011 were RMB4.474 billion ($710.9 million), an 82.5% increase from the corresponding period in 2010.

• Total revenues in fiscal year 2011 were RMB14.501 billion ($2.304 billion), an 83.2% increase from 2010.

• Operating profit in the fourth quarter of 2011 was RMB2.297 billion ($365.0 million), an 80.2% increase from the corresponding period in 2010.

• Operating profit in fiscal year 2011 was RMB7.577 billion ($1.204 billion), a 91.4% increase from 2010.

• Net income attributable to Baidu in the fourth quarter of 2011 was RMB2.054 billion ($326.3 million), a 76.9% increase from the corresponding period in 2010. Diluted earnings attributable to Baidu per ADS(2)for the fourth quarter of 2011 was RMB5.87 ($0.93); diluted earnings attributable to Baidu per ADSexcluding share-based compensation expenses (non-GAAP) for the fourth quarter of 2011 was RMB6.01($0.95).

• Net income attributable to Baidu in fiscal year 2011 was RMB6.639 billion ($1.055 billion), an 88.3% increase from 2010. Diluted earnings attributable to Baidu per ADS for fiscal year 2011 was RMB18.99($3.02); diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses(non-GAAP) for fiscal year 2011 was RMB19.42 ($3.09).

Outlook for First Quarter 2012

Baidu currently expects to generate total revenues in an amount ranging from RMB4.195 billion ($666.5 million) to RMB4.330 billion ($688.0 million) for the first quarter of 2012, representing a 72.2% to 77.7% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.

Third Quarter 2011 Results

BEIJING, June 24, 2011 /PRNewswire-Asia/ -- Qunar, the leading travel search engine in China, and Baidu, Inc. (NASDAQ: BIDU), the leading Chinese language Internet search provider, jointly announced today a definitive agreement under which Baidu has committed to make a US$306 million strategic investment in Qunar. The investment will make Baidu the majority shareholder of Qunar.

Founded in 2005, Qunar offers Chinese consumers real-time searches for air and rail tickets, hotels, and tour packages. Qunar also provides travel-related resources such as group-buying deals and user discussion forums. According to iResearch, a China-based independent research firm, Qunar ranked number one among travel websites in China as measured by daily unique visitors in March 2011. Qunar has the widest coverage of any travel search engine in China, with more than 11,000 air routes and 102,000 hotels worldwide.

The closing of the definitive agreement is subject to customary conditions. The parties currently expect that the transaction will close in the third quarter of 2011. After the investment, Qunar will continue to operate as an independent company, while both companies will cooperate in certain areas of online travel search. Baidu plans to finance the investment through obtaining a third-party loan facility.

"Travel has long been one of the top categories on Baidu, and the number of travelers in China has been growing very rapidly, so this is a market of obvious strategic importance to us," said Jennifer Li, Chief Financial Officer of Baidu. "Our investment in Qunar will create an even better search experience for users planning trips," she said.

"Qunar provides Chinese travelers with the most comprehensive and accurate travel information online," said Qunar's newly appointed Chief Executive Officer, Mr. Chenchao Zhuang. Mr. Zhuang co-founded the company with Fritz Demopoulos, who will step down as Chief Executive Officer to pursue entrepreneurial business opportunities, while continuing to serve as strategy advisor to Qunar. "By working with Baidu, we can focus on enhancing our search technology and the quality of our products and services," said Mr. Zhuang. "Together, we can enhance the user experience of hundreds of millions of Chinese travelers, whether they're searching with their computers or their mobile devices. We believe that Baidu's strategic investment in us will allow both companies to better capture exciting growth opportunities in our industry."

According to CNNIC's 27th China Internet Report issued in January 2011, among China's 457 million Internet users, search ranked as the most popular application, used by 81.9% of Internet users in China. However, only 7.9% of Internet users in China reported having used online travel booking services. By contrast, in the United States, 66% of Internet users have booked travel services online. As a result, growth opportunities in China's online travel industry remain largely untapped.

"Qunar has developed top-notch travel search technology over the last five years and has built a leading brand name in the industry," said Baidu's Ms. Li. "Under Mr. Zhuang's leadership, I have full confidence that the highly talented and experienced Qunar team will bring the company to a new level of success in collaboration with Baidu."

First Quarter Results:

• Total revenues in the first quarter of 2011 were RMB2.436 billion ($372.0 million), an 88.3% increase from the corresponding period in 2010.
    
• Operating profit in the first quarter of 2011 was RMB1.195 billion ($182.4 million), a 125.1% increase from the corresponding period in 2010.
     
• Net income in the first quarter of 2011 was RMB1.071 billion ($163.5 million), a 122.8% increase from the corresponding period in 2010.
• Diluted earnings per ADS(2) for the first quarter of 2011 were RMB3.06 ($0.47); diluted earnings per ADS excluding share-based compensation expenses (non-GAAP) for the first quarter of 2011 were RMB3.15 ($0.48).

"Monetization improvements combined with continuing solid traffic growth drove another great quarter for Baidu," said Robin Li, chairman and chief executive officer of Baidu. "We remain focused on enhancing our Phoenix Nest platform to improve return on investments for our existing customers and enhancing awareness of the benefits of search engine marketing among the tens of millions of SMEs and large companies in China who are not yet using our Phoenix Nest platform."

• Baidu currently expects to generate total revenues in an amount ranging from RMB3.230 billion ($493.3 million) to RMB3.300 billion ($503.9 million) for the second quarter of 2011, representing a 68.7% to 72.4% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.

BEIJING, Feb. 1, 2011 /PRNewswire-Asia/ -- Baidu, Inc. today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2010(1).

 

• Total revenues in the fourth quarter of 2010 were RMB2.451 billion ($371.3 million), a 94.4% increase from the corresponding period in 2009.
• Total revenues in fiscal year 2010 were RMB7.915 billion ($1.199 billion), a 78.0% increase from 2009.

  Operating profit in the fourth quarter of 2010 was RMB1.275 billion ($193.2million), a 175.8% increase from the corresponding period in 2009.

• Operating profit in fiscal year 2010 was RMB3.959 billion ($599.8 million), a 146.7% increase from 2009.
• Net income in the fourth quarter of 2010 was RMB1.161 billion ($175.9 million), a 171.3% increase from the corresponding period in 2009. Diluted earnings per ADS(2) for the fourth quarter of 2010 was RMB3.32 ($0.50); diluted ADS excluding share-based compensation expenses (non-GAAP) for the fourth quarter of 2010 was RMB3.40 ($0.52).
• Net income in fiscal year 2010 was RMB3.525 billion ($534.1 million), a 137.4% increase from 2009. Diluted earnings per ADS for fiscal year 2010 was RMB10.10 ($1.53); diluted ADS excluding share-based compensation expenses (non-GAAP) for fiscal year 2010 was RMB10.36 ($1.57). Costs and expenses related to Baidu's Japan operations for fiscal year 2010 were RMB182.4 million ($27.6 million), which reduced diluted earnings per ADS by RMB0.49 ($0.07).

^a Company forecasts reflects the Company's current and preliminary view, which is subject to change.

''Despite the typical seasonality associated with the Chinese New Year holiday and overall macro economic challenges, we were able to deliver strong results by focusing on executing initiatives that drove overall performance,' said Robin Li, Baidu's chairman and CEO. 'In this uncertain economic environment, we see tremendous opportunity to reinforce to our customers the inherent advantages of our pay-for-performance platform. We are confident in our ability to continue growing.''

^a Company forecasts reflects the Company's current and preliminary view, which is subject to change.

Guidance Report:

First Quarter Fiscal 2009 Guidance Ending March

We expect moderate year-over-year growth for the first quarter of 2009 due to two factors. First, we anticipate a portion of our online marketing customers may scale back on marketing spending given the current market environment. Second, we expect that the removal of certain sponsored links during the fourth quarter of 2008 resulted in a net loss of around 5% of revenue, impacting the first quarter."

Source: PR Newswire (February 18, 2009)