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 Tracking 1260 U.S. listed China Stocks and Counting...
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 Baidu Inc. (NASDAQ:BIDU)

Thursday, October 30, 2014
Comments & Business Outlook

Third Quarter 2014 Finanncial Results

  • Total revenues in the third quarter of 2014 were RMB13.520 billion ($2.203 billion), a 52.0% increase from the corresponding period in 2013.
  • Basic and diluted earnings per ADS excluding share-based compensation expenses (non-GAAP) for the third quarter of 2014 amounted to RMB11.72 ($1.91) and RMB11.67 ($1.90), respectively.

"We had another very strong quarter as we continued to leverage our tremendous assets, especially in mobile. This quarter, mobile traffic surpassed PC traffic and mobile revenue contributed 36% of our total revenue[2]. We are particularly pleased with the progress we have made in connecting people with services through innovative O2O initiatives like Baidu Connect————a better way for businesses to connect with their targeted consumers on mobile devices," said Robin Li, chairman and chief executive officer of Baidu. "It's an exciting time for Baidu. The O2O market opportunity is enormous, and our leading positions in mobile search and maps, as well as our extensive sales force, position us optimally to capture that opportunity."

"In the third quarter, our investments in mobile continued to pay off as mobile proved once again to be a strong driver of topline growth," said Jennifer Li, Baidu's chief financial officer. "To fulfill our vision of connecting people with services and to realize the vast opportunities that mobile brings, we will continue to invest aggressively but judiciously."

Outlook for Fourth Quarter 2014

Baidu currently expects to generate total revenues in an amount ranging from RMB13.850 billion ($2.256 billion) to RMB14.250 billion ($2.322 billion) for the fourth quarter of 2014, representing a 45.4% to 49.6% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change


Monday, September 22, 2014
Joint Venture

NEW YORK, Sept. 22, 2014 /PRNewswire/ -- HPC for Wall Street 2014 -- Altera Corporation (NASDAQ: ALTR) and Baidu (NASDAQ:BIDU), China's largest online search engine, are collaborating on using FPGAs and convolutional neural network (CNN) algorithms for deep learning applications set to play a critical role in the development of more accurate and faster online search. Altera is demonstrating its work with Baidu at the High Performance Computing (HPC) for Wall Street conference in New York City, taking place on September 22, 2014.

The Altera-Baidu demonstration (booth #215B) illustrates how much faster image classification can take place using FPGA-accelerated CNNs. In key search functions, such as image classification and recognition tasks, CNNs are considered to be the state-of-the-art and provide record-setting accuracy. Baidu is leveraging Altera Stratix� V FPGAs and the Altera SDK for OpenCL�, which achieved Khronos OpenCL conformance testing certification in May 2013, to dramatically simplify the implementation of parallel processing applications.

Baidu Research Distinguished Scientist Dr. Ren Wu said, "Baidu is a pioneer and leader in both deep learning and heterogeneous computing, and we believe FPGA acceleration has great potential. OpenCL support is a game changer and will help FPGAs penetrate the mainstream heterogeneous computing world. It opens doors for countless opportunities."

Altera's data center technology offerings are based on the company's high performance Stratix� V and Arria� 10 FPGAs, and next-generation Stratix 10 FPGAs and SoCs, which are manufactured using the Intel 14 nm Tri-Gate process and feature Altera's high-performance HyperFlex� architecture. Altera's FPGAs combine unprecedented reconfigurable logic with on-chip memory and DSP blocks, enabling the high performance and flexibility required by the demanding data center environment.

"Baidu and Altera are demonstrating a compelling heterogeneous computing approach to CNN algorithm acceleration," said Altera Compute and Storage Business Unit Director Michael Strickland. "The programmability and features, such as hard IEEE 754 floating point multipliers and adders in Altera FPGAs, enable servers and data centers to keep up and evolve with complex requirements in search, big data and deep learning."


Wednesday, September 3, 2014
Acquisition Activity

BEIJING, CHINA and MOUNTAIN VIEW, CA and OULU, FINLAND--(Marketwired - Sep 2, 2014) - IndoorAtlas, the global leader in magnetic positioning technology for indoor location, today announced that it has agreed to a $10 million investment from Baidu (NASDAQBIDU), the world's leading Chinese search engine. IndoorAtlas also announced it is signing an exclusive agreement for the Chinese market with Baidu. Through this partnership, Baidu intends to strengthen its indoor mapping offering with cutting-edge technology that will be unique in China.

IndoorAtlas uses earth's geomagnetic field to pinpoint the exact location inside a building with an accuracy of two meters.

"We are excited to have an Internet company like Baidu as our partner as we grow and expand our footprint," said Professor Janne Haverinen, Founder & CEO of IndoorAtlas. "With this partnership, we now have access to over 1.34 billion potential subscribers at one go. We see this as a huge opportunity not just to make a mark in Asia, but globally, and to make indoor location services ubiquitous and available to everyone."

The company will be using the funding towards ramping up R&D, engineering and business development in the US, Asia, and Europe.

"IndoorAtlas's accuracy and scalability is second to none and clearly complements Baidu's existing mobile Location Based Services (LBS) and maps offering," said Baidu vice president Liu Jun, who leads the company's LBS business unit. "IndoorAtlas's intellectual property portfolio and global geographical coverage will be instrumental in helping us at Baidu build out our LBS platform for local merchants in China and abroad."

"IndoorAtlas is very excited to have Baidu, one of strongest Internet players not only in China but also globally to participate in our Series A round," said Inka Mero, Chairwoman of IndoorAtlas and Co-Founder and Chairwoman of Koppicatch. Inka has played a key role in the growth and expansion of IndoorAtlas in Europe and US since its inception, and led the discussions with Baidu for this funding round. "This represents an infusion of funds to aggressively continue our growth in the US and also gives us a unique opportunity to make quick inroads into Asia, specifically the Chinese market, which in many ways is leading the way for indoor location based services. From the very beginning of discussions, we felt there is great match in terms of strategy, competencies and assets. We could not have asked for a better investor and partner in terms of indoor location based services expertise, sheer scale of operation and industry specific know-how."

Baidu will highlight the first IndoorAtlas solution customized for the Baidu Maps app at its annual Baidu World conference, being held in Beijing on September 3rd.

"The competition in this space is heating up as the largest global players who have so far focused on the outdoors now turn towards mapping the indoors in the most cost effective and scalable way," said Greg Sterling, Senior Analyst at Opus Research, a firm specializing in Indoor location and proximity marketing. "With this deal, Baidu is clearly endorsing the idea that magnetic positioning is fast emerging as the GPS of indoors, the foundational solution complemented with Wi-Fi, PDR, and BLE technologies."

Opus Research recently published a report which predicts magnetic positioning will emerge as the "foundational" technology for indoor location globally. The report finds that while magnetic positioning can be used as a stand-alone technology, it can also complement existing Wi-Fi infrastructure. Bluetooth Low Energy (BLE) beacons, such as iBeacon, have recently garnered attention and emerged as another way to provide indoor location services. Yet beacons have limitations as they can only detect and manage proximity between themselves and handset location. They can't offer "moving blue dot" positioning inside a store or precise latitude-longitude coordinates, the report says.

"With this strategic alliance in place, Baidu will continue to not just lead innovation in the space but also make inroads towards establishing global leadership in indoor positioning," said Sterling . "It is a hotly contested and lucrative space with billions of advertising dollars at stake."


Friday, July 25, 2014
Comments & Business Outlook

Second Quarter 2014 Financial Results

  • Total revenues in the second quarter of 2014 were RMB11.986 billion ($1.932 billion), a 58.5% increase from the corresponding period in 2013.
  • Diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses (non-GAAP) for the second quarter of 2014 were RMB10.72 ($1.73) vs. last years RMB7.75 ($1.26).

"We had a great quarter as we continued to build very strong mobile momentum. As the clear leader in mobile search, mobile map and app distribution, mobile revenue for the first time ever contributed to 30 percent of our total revenue", said Robin Li, chairman and chief executive officer of Baidu. "We deepened our investment in advanced technologies like Deep Learning, which is already yielding near term enhancements in user experience and customer ROI and is expected to drive transformational change over the longer term."

Mr. Li continued,"Baidu's scope now embraces 'connecting people with services', and we will continue leveraging our vast traffic resources, deep product portfolio and world class technology to fulfill this broader mission. Whether a user is looking for information, content or services, Baidu offers a seamless, integrated experience, from query to fulfillment."

"In the second quarter, revenue remained on a solid growth trajectory, with mobile as an integral part of our business that is a clear driver of our topline," commented Jennifer Li, Baidu's chief financial officer. "We will continue to invest in product and technology to deepen our market leadership and fulfill our long-term vision."

Outlook for Third Quarter 2014

Baidu currently expects to generate total revenues in an amount ranging from RMB13.420 billion ($2.163 billion) to RMB13.780 billion ($2.221 billion) for the third quarter of 2014, representing a 50.9% to 55.0% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.


Thursday, June 5, 2014
Deal Flow

BEIJING, June 5, 2014 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU) ("Baidu" or the "Company"), the leading Chinese language Internet search provider, today announced the pricing of its public offering of US$1.0 billion aggregate principal amount of 2.750% notes due 2019. The notes have been registered under the U.S. Securities Act of 1933, as amended, and are expected to be listed on the Singapore Exchange Securities Trading Limited.

The Company expects to receive net proceeds from the offering of approximately US$988.4 million, after deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for general corporate purposes.


Joint Venture

BEIJING, June 5 2014 /PRNewswire/ -- Bitauto Holdings Limited ("Bitauto" or the "Company") (NYSE: BITA), a leading provider of internet content and marketing services for China's fast-growing automotive industry, today announced that it has been selected by Baidu, Inc. ("Baidu") (NASDAQ: BIDU), the leading Chinese language internet search provider, to be the exclusive supplier for auto-related content on the mobile version of Aladdin, Baidu's Open Data Platform, until December 31, 2014.

William Bin Li, chairman and chief executive officer of Bitauto, said, "We are delighted to partner with Baidu and to continue providing mobile users with quick and easy access to Bitauto's high quality and comprehensive auto-related content. This partnership further strengthens our leadership in the fast growing mobile space and will help drive traffic to our online platforms. It also demonstrates our commitment to executing on one of our core strategies to invest in and capture opportunities to develop mobile offerings for China's auto industry. This is particularly pertinent now as mobile-based offerings are increasingly delivering improved results compared with PC offerings, particularly in terms of effective sales lead generation. In the month of May, over 55% of general sales leads were generated via mobile. Furthermore, based on third party data from iResearch, Bitauto's mobile sites ranked first in terms of monthly active users in the month of April, more than 60% higher than the closest competitor."

Andy Zhang, chief financial officer of Bitauto, added, "Our new mobile content partnership with Baidu will effectively support Bitauto's diversified branding and traffic acquisition strategies. We prudently evaluate potential branding and traffic-generating opportunities against our own ROI criteria to ensure the most effective marketing spend."


Wednesday, June 4, 2014
Deal Flow

BEIJING, June 3, 2014 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU) ("Baidu" or the "Company"), the leading Chinese language Internet search provider, today announced that it has filed a preliminary prospectus supplement with the United States Securities and Exchange Commission (the "SEC") under an automatic shelf registration statement on Form F-3, pursuant to which the Company proposes to sell senior notes. The Company intends to use the net proceeds from the offering for general corporate purposes.


Friday, April 25, 2014
Comments & Business Outlook

First Quarter 2014 Financial Results

  • Total revenues in the first quarter of 2014 were RMB9.497 billion ($1.528 billion), a 59.1% increase from the corresponding period in 2013.
  • Net income attributable to Baidu in the first quarter of 2014 was RMB2.535 billion ($407.8 million), a 24.1% increase from the corresponding period in 2013. Diluted earnings attributable to Baidu per ADS for the first quarter of 2014 were RMB7.21 ($1.16); diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses (non-GAAP) for the first quarter of 2014 were RMB7.69 ($1.24)

"We started the year with impressive revenue growth, which accelerated for the third consecutive quarter," said Robin Li, chairman and chief executive officer of Baidu. "Our focus remained on growing our market-leading offerings in search and app distribution, and we continued to broaden our platform in newer areas like location-based services."

Mr. Li continued, "As the Internet disrupts more and more traditional industries, and mobile's importance continues to grow, Baidu is uniquely positioned with our competitive advantage as a leading cross-platform information gateway with world class technology. We're confident our focused approach to investment will continue to drive sustainable growth in the quarters ahead."

"In the first quarter, our core search business once again drove strong top-line growth," commented Jennifer Li, Baidu's chief financial officer. "We'll continue to invest aggressively in our core business and key strategic focus areas to support Baidu's long-term industry leadership."

Outlook for Second Quarter 2014

Baidu currently expects to generate total revenues in an amount ranging from RMB11.820 billion ($1.901 billion) to RMB12.110 billion ($1.948 billion) for the second quarter of 2014, representing a 56.3% to 60.2% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.


Thursday, February 27, 2014
Comments & Business Outlook

Fourth Quarter 2013 Financial Results

  • Total revenues in the fourth quarter of 2013 were RMB9.523 billion ($1.573 billion), a 50.3% increase from the corresponding period in 2012.
  • Basic and diluted earnings per ADS excluding share-based compensation expenses (non-GAAP) for the fourth quarter of 2013 amounted to RMB8.43 ($1.39) and RMB8.40 ($1.39), respectively vs. last years

"We're pleased to have finished a milestone year for Baidu with a solid fourth quarter performance," said Robin Li, chairman and chief executive officer of Baidu. "2013 was marked by our entry into new areas and significant progress in mobile, as we invested aggressively to build out Baidu's position in search, app distribution, and location-based services. Our efforts to drive mobile adoption among customers gained significant traction throughout the year. In the fourth quarter, mobile accounted for over 20% of total revenues."

Mr. Li continued, "Building out our platform to capture the huge opportunities ahead remains our focus for 2014. We are confident that Baidu's technology DNA and unparalleled data capabilities will be crucial competitive advantages as China'sInternet landscape continues to shift."

"We delivered solid top line growth in 2013, and the increasing revenue contribution from mobile over the last several quarters has been especially encouraging," commented Jennifer Li, Baidu's chief financial officer. "Our investments helped to lay a strong foundation for sustainable growth across our business. Looking ahead, we will continue to expand the Baidu platform and invest aggressively in R&D, sales and marketing and infrastructure during this crucial period of market transformation."

Outlook for First Quarter 2014

Baidu currently expects to generate total revenues in an amount ranging from RMB9.240 billion ($1.526 billion) to RMB9.520 billion ($1.573 billion) for the first quarter of 2014, representing a 54.8% to 59.5% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.


Wednesday, January 22, 2014
Joint Venture

BEIJING, January 22, 2014 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN), one of China's largest out-of-home digital television advertising networks on mass transportation systems, today announced that it has entered into an exclusive strategic cooperation agreement ("Agreement") with Baidu Games, the online game platform of Baidu, Inc. (NASDAQ:BIDU), to promote the Baidu Games brand and Baidu's gaming products across VisionChina Media's digital television advertising networks nationwide.

Under the terms of the Agreement, VisionChina Media will act as the exclusive digital mobile television advertising partner of Baidu Games and provide brand promotion and advertising placement solutions for Baidu Games throughout VisionChina Media's national media networks on buses and subways in 2014.

"We are proud to announce this exclusive strategic cooperation with Baidu Games," said Mr. Limin Li, VisionChina Media's chairman and chief executive officer. "This deal is representative of our advertising service capabilities and the success we've had in working with China's gaming industry. With our ability to reach, through both exclusive and non-exclusive partnerships, China's above-ground bus networks in 88 cities and underground subway networks in 14 cities, covering nearly 600 million person-time on daily basis, we are an ideal fit for helping Baidu Games raise its brand profile and improve its penetration and conversion rates in turning offline audiences into new online players. Furthermore, our cooperation with Baidu Games will further solidify our leading position with respect to gaming advertising and promotion in China's out-of-home media sector."


Wednesday, October 30, 2013
Comments & Business Outlook

Third Quarter 2013 Financial Results

  • Total revenues of RMB8.892 billion ($1.453 billion) for the third quarter of 2013, representing a 42.3% increase from the corresponding period in 2012.
  • Net income attributable to Baidu in the third quarter of 2013 was RMB3.048 billion ($498.0 million), a 1.3% increase from the corresponding period in 2012. Diluted earnings attributable to Baidu per ADS for the third quarter of 2013 wereRMB8.63 ($1.41); diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses(non-GAAP) for the third quarter of 2013 were RMB9.04 ($1.48).

"We were pleased to see strong results in the third quarter as revenue remained on a solid growth trajectory," said Robin Li, chairman and chief executive officer of Baidu. "Mobile search revenues in particular continued to grow at an exciting pace as more of our customers recognize the benefits of mobile marketing on the Baidu platform."

Mr. Li continued, "I am proud of the progress we made during the quarter. Our flagship mobile products like search and maps continue to gain momentum. We solidified our mobile native app distribution capabilities with the 91 Wireless acquisition. And we introduced search-enabled Light Apps, which will allow users to more easily discover long tail app content, and will offer developers a powerful distribution channel in Baidu mobile search."

"Our focus on investment continues, and we are now seeing real returns, particularly in mobile user adoption and in monetization," commented Jennifer Li, Baidu's chief financial officer. "In the quarters ahead, we will continue to invest aggressively in order to position ourselves well in this rapidly developing mobile market."

Outlook for Fourth Quarter 2013

Baidu currently expects to generate total revenues in an amount ranging from RMB9.220 billion ($1.507 billion) to RMB9.480 billion($1.549 billion) for the fourth quarter of 2013, representing a 45.5% to 49.6% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.


Friday, August 23, 2013
Acquisition Activity

BEIJING, August 23, 2013 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU) ("Baidu"), the leading Chinese language Internet search provider, and Renren Inc. (NYSE: RENN) ("Renren"), a leading real-name social networking Internet platform in China, jointly announced today that Baidu Holdings Limited, a subsidiary of Baidu, and Renren have entered into a definitive agreement (the "Agreement"), pursuant to which Baidu Holdings Limited will acquire a certain number of newly issued ordinary shares of Nuomi Holdings Inc., a wholly-owned subsidiary of Renren, representing approximately 59% of the equity interest in Nuomi, for a purchase price of US$160 million in cash. Subject to the satisfaction or waiver of the closing conditions provided in the Agreement, the parties expect to close this acquisition in the fourth quarter of 2013.

Founded by Renren in 2010, Nuomi is a leading provider of group-buying services in China. In the second quarter of 2013, Nuomi generated approximately US$120 million in general merchandise sales and had 3.8 million active paying users. Of the sales transacted on Nuomi during that period, 30% were derived from mobile devices.

"Nuomi's group-buying platform and high-quality local information clearly complement Baidu's existing mobile LBS and maps offering," said Jennifer Li, chief financial officer of Baidu. "Nuomi's broad geographical sales coverage and established consumer base will be instrumental in helping Baidu build out our LBS platform for local merchants."

"We believe the group-buying business has tremendous potential in China and will continue to benefit from the rapid growth of the mobile Internet. Baidu's strategic investment will further enhance Nuomi's position in this sector and we are very excited about the synergies it creates. We look forward to Nuomi's great prospects and the value it will bring to its shareholders," added Joseph Chen, chairman and chief executive officer of Renren.


Wednesday, August 14, 2013
Acquisition Activity

BEIJING, August 14, 2013 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU) ("Baidu" or the "Company"), the leading Chinese language Internet search provider, today announced that its wholly-owned subsidiary Baidu (Hong Kong) Limited has signed a definitive merger agreement (the "Agreement") to acquire a 100 percent equity interest in 91 Wireless Websoft Limited ("91 Wireless") from NetDragon Websoft Inc. (HKEx:777) ("NetDragon") and other shareholders. 91 Wireless is one of the leading mobile app marketplaces and mobile game operators in China. In the month of July 2013, Baidu and 91 Wireless users in China together downloaded a daily average of 69 million apps. The large majority of these were downloaded directly from mobile devices.

Pursuant to the Agreement, through a merger, Baidu will acquire 100 percent of 91 Wireless in cash. This includes the 57.4 percent stake owned by NetDragon, and the remaining shares from other shareholders. According to the memorandum of understanding dated July 15, 2013, the merger consideration amounts to a total of US$1.90 billion. Having taken into account the conditional declaration of a special dividend in the aggregate amount of approximately US$52.06 million by 91 Wireless to its existing shareholders, the consideration is now adjusted to an aggregate amount of US$1.85 billion in the Agreement.

"The acquisition of 91 Wireless significantly strengthens our mobile app distribution capability, and further enhances Baidu's prime position in China's thriving mobile ecosystem," said Robin Li, chairman and chief executive officer of Baidu. "91 Wireless is not only a leading app market, but just as importantly, is a leading operator of mobile games, which are seeing tremendous growth in China. This acquisition reinforces Baidu's commitment to growing and fostering the developer community, establishes Baidu's position in the flourishing mobile game segment, and offers Baidu another strong channel to deliver its market-leading app offerings."

Mr. Joe Wu, CEO of 91 Wireless, commented, "91 Wireless has built up a broad and loyal developer base over the years, and synergies with the Baidu platform, like access to Baidu's vast traffic resources and sophisticated cloud infrastructure, should accelerate our already impressive growth. Moreover, their expertise in big data analytics and search will allow us to significantly enhance the user experience. We look forward to becoming a valuable component of the Baidu ecosystem."

Following the completion of the transaction, 91 Wireless will become a wholly-owned subsidiary of Baidu and will continue to operate under its existing management team as an independent company. Baidu expects the transaction to close in the fourth quarter of 2013, subject to customary closing conditions and approval by NetDragon's independent shareholders at an extraordinary general meeting.


Wednesday, July 31, 2013
Deal Flow

BEIJING, July 31, 2013 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU) ("Baidu" or the "Company"), the leading Chinese language Internet search provider, today announced the pricing of its public offering of US$1 billion aggregate principal amount of 3.250% notes due 2018. The notes have been registered under the U.S. Securities Act of 1933, as amended, and are expected to be listed on the Singapore Exchange Securities Trading Limited.

The Company expects to receive net proceeds from the offering of approximately US$994.4 million, after deducting underwriting discounts and commissions and estimated net offering expenses. The Company intends to use the net proceeds from the offering for general corporate purposes, including merger and acquisition activities.


Thursday, July 25, 2013
Comments & Business Outlook

Second Quarter 2013 Financial Results

  • Total revenues in the second quarter of 2013 were RMB7.561 billion ($1.232 billion), a 38.6% increase from the corresponding period in 2012.
  • Operating profit in the second quarter of 2013 was RMB2.904 billion ($473.1 million), a 3.2% increase from the corresponding period in 2012.
  • Net income attributable to Baidu in the second quarter of 2013 was RMB2.644 billion ($430.8 million), a 4.5% decrease from the corresponding period in 2012. Diluted earnings attributable to Baidu per ADS for the second quarter of 2013 were RMB7.52 ($1.22); diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses (non-GAAP) for the second quarter of 2013 were RMB7.75 ($1.26).

"We made solid progress in the second quarter, adding a record 58,000 online active customers," said Robin Li, chairman and chief executive officer of Baidu. "The adoption of our mobile platform gained momentum and mobile monetization improved. Mobile revenues for the first time accounted for over 10% of our total revenues this quarter."

Mr. Li continued, "Our recent investments have further strengthened Baidu's position in key strategic areas such as search, LBS, app distribution and online video. Our market-leading technology, innovative new products and unrivaled customer value proposition will keep us at the heart of the Internet in China."

"We are encouraged to see clear progress in key investment areas," commented Jennifer Li, Baidu's chief financial officer. "We will continue to invest aggressively and remain committed to building long-term value for our shareholders."

Outlook for Third Quarter 2013

Baidu currently expects to generate total revenues in an amount ranging from RMB8.730 billion ($1.422 billion) to RMB8.960 billion ($1.460 billion) for the third quarter of 2013, representing a 39.7% to 43.3% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.


Tuesday, July 16, 2013
Acquisition Activity

BEIJING, July 15, 2013 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU), the leading Chinese language Internet search provider, today announced that it has signed a Memorandum of Understanding ("MOU") on the Proposed Acquisition of all equity interests in 91 Wireless Websoft Limited ("91 Wireless") from NetDragon (HKEx:777).

Pursuant to the MOU, Baidu will purchase the entire issued share capital of 91 Wireless for a total of US$1.9 billion. Baidu and NetDragon will further negotiate and agree on the relevant terms of the Proposed Acquisition in the definitive agreements by 14 August 2013 ("the Long Stop Date") to purchase NetDragon's 57.41% equity interest in 91 Wireless. Before the signing of definitive agreements or the Long Stop Date (whichever is earlier), NetDragon is restricted from approaching or discussing with any third parties the sale of 91 Wireless. Baidu intends to purchase the remaining equity interests in 91 Wireless from other shareholders based on terms and conditions similar to those offered to NetDragon, provided those shareholders are willing to sell by the Long Stop Date.


Tuesday, May 7, 2013
Comments & Business Outlook

BEIJING, May 7, 2013 /PRNewswire/ -- Baidu Inc. (NASDAQ: BIDU), the leading Chinese language Internet search provider, today announced the acquisition of the online video business of leading Internet video provider PPS for US $370 million.

Baidu and PPS expect the transaction to close in the second quarter of 2013, subject to customary closing conditions. Upon completion of the transaction, the PPS online video business will be consolidated into Baidu's financial statements. PPS's online video business will be merged with Baidu's own video platform iQiyi.

The combined entity will become China's largest online video platform by number of mobile users and video viewing time. PPS will continue to operate as a sub-brand of iQiyi.

iQiyi CEO Gong Yu said: "The merger of iQiyi and PPS's online video business is a major step toward consolidation in the industry and will contribute to the development of China's Internet video industry. The merger will generate significant synergies, and will provide for an improved user experience as well as more and better content. It will also deliver better marketing value and a wider range of options for advertisers. The merger of iQiyi and PPS -- both companies with strong technology DNA -- lays a solid foundation for iQiyi to become a great technology company with strong media DNA as well."

PPS founder and Chairman Zhang Hongyu said: "As a leading Chinese online video brand with an eight year history, PPS has the opportunity to join with iQiyi in opening up future markets, and we are excited to be working together to reshape the industry. We will strive to maximize the value of our combined resources and integrated teams, and we will jointly contribute to the progress and maturation of China's video industry."

After the acquisition, Gong Yu will continue to be CEO of iQiyi. Zhang Hongyu and PPS president Xu Weifeng will serve as co-presidents at iQiyi, and will be in charge of the PPS sub-brand and new business development


Acquisition Activity

BEIJING, May 7, 2013 /PRNewswire/ -- Baidu Inc. (NASDAQ: BIDU), the leading Chinese language Internet search provider, today announced the acquisition of the online video business of leading Internet video provider PPS for US $370 million.

Baidu and PPS expect the transaction to close in the second quarter of 2013, subject to customary closing conditions. Upon completion of the transaction, the PPS online video business will be consolidated into Baidu's financial statements. PPS's online video business will be merged with Baidu's own video platform iQiyi. 

The combined entity will become China's largest online video platform by number of mobile users and video viewing time. PPS will continue to operate as a sub-brand of iQiyi.

iQiyi CEO Gong Yu said: "The merger of iQiyi and PPS's online video business is a major step toward consolidation in the industry and will contribute to the development of China's Internet video industry. The merger will generate significant synergies, and will provide for an improved user experience as well as more and better content. It will also deliver better marketing value and a wider range of options for advertisers. The merger of iQiyi and PPS -- both companies with strong technology DNA -- lays a solid foundation for iQiyi to become a great technology company with strong media DNA as well."

PPS founder and Chairman Zhang Hongyu said: "As a leading Chinese online video brand with an eight year history, PPS has the opportunity to join with iQiyi in opening up future markets, and we are excited to be working together to reshape the industry. We will strive to maximize the value of our combined resources and integrated teams, and we will jointly contribute to the progress and maturation of China's video industry."

After the acquisition, Gong Yu will continue to be CEO of iQiyi. Zhang Hongyu and PPS president Xu Weifeng will serve as co-presidents at iQiyi, and will be in charge of the PPS sub-brand and new business development.


Friday, April 26, 2013
Comments & Business Outlook

First Quarter 2013 Results

  • Total revenues in the first quarter of 2013 were RMB5.969 billion ($961.0 million), a 40.0% increase from the corresponding period in 2012.
  • Operating profit in the first quarter of 2013 was RMB2.210 billion ($355.9 million), a 5.7% increase from the corresponding period in 2012.
  • Net income attributable to Baidu in the first quarter of 2013 was RMB2.043 billion ($328.9 million), an 8.5% increase from the corresponding period in 2012. Diluted earnings attributable to Baidu per ADS for the first quarter of 2013 were RMB5.88 ($0.95); diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses (non-GAAP) for the first quarter of 2013 were RMB6.20 ($1.00).

"We saw healthy financial results in the first quarter of 2013 as we continued to invest in establishing China's leading mobile ecosystem." said Robin Li, chairman and chief executive officer of Baidu. "Our mobile offering is making exciting progress, with our flagship mobile search product having now surpassed 100 million daily active users, an over 25% increase from the end of the fourth quarter."

Mr. Li continued, "Continually developing the most advanced search technology remains central to Baidu's overall strategy, and we're very excited by the possibilities opened up by innovation in image and voice recognition. Our focus will remain on tightly integrating our leading search core with valuable vertical products in areas such as travel, e-commerce and location based services to bring users the information they want as quickly as possible on both desktop and mobile devices."

Jennifer Li, Baidu's chief financial officer, commented, "We remain committed to investing aggressively, particularly in marketing and R&D. By deploying resources in the most strategically important areas of our business, we're confident we can build exceptional long-term value for shareholders. For the quarter, we also recognized a whole quarter consolidation of iQiyi."

Outlook for Second Quarter 2013

Baidu currently expects to generate total revenues in an amount ranging from RMB7.370 billion ($1.187 billion) to RMB7.550 billion ($1.216 billion) for the second quarter of 2013, representing a 35.1% to 38.4% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.


Tuesday, February 5, 2013
Comments & Business Outlook

Fourth Quarter

  • Total revenues in the fourth quarter of 2012 were RMB6.335 billion ($1.017 billion), a 41.6% increase from the corresponding period in 2011.
  • Operating profit in the fourth quarter of 2012 was RMB2.848 billion ($457.1 million), a 24.0% increase from the corresponding period in 2011.
  • Net income attributable to Baidu in the fourth quarter of 2012 was RMB2.795 billion ($448.7 million), a 36.1% increase from the corresponding period in 2011. Diluted earnings attributable to Baidu per ADS[2] for the fourth quarter of 2012 were RMB7.99 ($1.28); diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses (non-GAAP) for the fourth quarter of 2012 were RMB8.18 ($1.31).

"Baidu once again posted solid growth in 2012 amidst challenging macro conditions," said Robin Li, chairman and chief executive officer of Baidu. "Similar to the early days of the Internet, this is a time of boundless innovation, creativity and opportunity in our industry. We are at the heart of the Internet in China and we're excited to embrace and lead the next stage of mobile- and cloud-centric Internet growth."

Mr. Li continued, "We made encouraging progress in 2012, integrating Baidu's superior search and search-related products and functions, like maps and image recognition, into our offering. In 2013 we will continue to enhance functionality, introduce new products, and step up efforts to push our products to users."

Jennifer Li, Baidu's chief financial officer, commented, "Revenue growth and profitability maintained a healthy trajectory in 2012 as we continued to invest aggressively in developing a comprehensive ecosystem. In December, we completed the iQiyi deal and consolidated its financials in our fourth quarter results. In 2013, we'll be both stepping up our investments and increasing sales and marketing efforts to ensure Baidu captures the huge opportunities ahead."

Outlook for First Quarter 2013

Baidu currently expects to generate total revenues in an amount ranging from RMB5.890 billion ($945.4 million) to RMB6.080 billion ($975.9 million) for the first quarter of 2013, representing a 38.1% to 42.6% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.


Wednesday, November 21, 2012
Deal Flow

BEIJING, Nov. 20, 2012 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU) ("Baidu" or the "Company"), the leading Chinese language Internet search provider, today announced the pricing of its public offering of US$1,500,000,000 aggregate principal amount of its notes. The public offering consists of US$750,000,000 of 2.250% notes due 2017 and US$750,000,000 of 3.500% notes due 2022. The notes have been registered under the U.S. Securities Act of 1933, as amended, and are expected to be listed on the Singapore Exchange Securities Trading Limited.

The Company expects to receive net proceeds from the offering of approximately US$1,491.6 million, after deducting underwriting discounts and commissions and estimated net offering expenses. The Company intends to use a portion of the net proceeds from the offering to retire certain existing debt and the remainder for general corporate purposes.

The joint bookrunners of the offering are J.P. Morgan Securities LLC and Goldman Sachs (Asia) L.L.C.

The Company has filed an automatic shelf registration statement on Form F-3 (including a base prospectus) and a related preliminary prospectus supplement with the U.S. Securities and Exchange Commission (the "SEC") for the offering of the notes. When available, the final prospectus supplement for the offering of the notes will be filed with the SEC. The offering is being made only by means of the prospectus supplement and accompanying base prospectus.  Before you invest, you should read the prospectus supplement and accompanying base prospectus and other documents that the Company has filed with the SEC for more complete information about the Company and the offering. You may obtain these documents free of charge by visiting EDGAR on the SEC website at www.sec.gov.  Alternatively, the Company or any underwriter or dealer participating in the offering will arrange to send an investor the prospectus supplement and accompanying base prospectus if the investor makes such request by calling 1-212-834-4533. 

This announcement is not an offer of the securities for sale in the United States of America and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities referred to herein have not been and will not be registered under the applicable securities laws of any jurisdiction outside of the United States of America.


Tuesday, November 6, 2012
Direct Offering

BEIJING, November 6, 2012 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU) ("Baidu" or the "Company"), the leading Chinese language Internet search provider, today announced that it has filed an automatic shelf registration statement on Form F-3 with the United States Securities and Exchange Commission (the "SEC"), and a preliminary prospectus supplement under the registration statement, pursuant to which the Company proposes to sell senior notes which will be issued in two tranches. The Company intends to use a portion of the net proceeds from the offering to retire certain existing debt and the remainder for general corporate purposes.

The joint bookrunners of the offering are J.P. Morgan Securities LLC and Goldman Sachs (Asia) L.L.C.

This notice is not an offer of the securities for sale in the United States of America. Any public offering of these securities in the United States will be made by means of a prospectus that contains detailed information about the issuer, which prospectus may be obtained free of charge from EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send an investor the prospectus if the investor requests it by calling 1-212-834-4533. A registration statement relating to these securities has been filed with the SEC and has become effective under the U.S. Securities Act of 1933.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities referred to herein have not been and will not be registered under the applicable securities laws of any jurisdiction outside of the United States of America.


Friday, November 2, 2012
Acquisition Activity

BEIJING, November 2, 2012 /PRNewswire/ -- Baidu Inc. (NASDAQ: BIDU), the leading Chinese language Internet search provider, today announced that it has reached a definitive agreement with Providence Equity Partners ("Providence") pursuant to which Baidu will purchase shares of iQiyi.com ("iQiyi") held by Providence for an undisclosed amount. Upon completion, Baidu will have a substantial majority stake in iQiyi.

iQiyi, launched in April 2010 and known as "Qiyi" until November 2011, is the first online video platform in China to focus exclusively on fully licensed, high-definition and professionally-produced content. In August 2012, iQiyi was ranked as the number one online video platform in China in terms of average time spent per user and number two in terms of total monthly time spent, according to iResearch, a China-based research firm.

Baidu and Providence expect the transaction to close in the fourth quarter of 2012, subject to customary closing conditions. Upon completion of the transaction, iQiyi will be consolidated into Baidu's financial statements. iQiyi will continue to operate as a separate brand with its existing management team.

"Online video is a key strategic vertical for Baidu as user numbers and time-spend continue to increase exponentially, underscoring the tremendous potential in the sector," said Robin Li, chairman and CEO of Baidu. "We are very pleased with the progress iQiyi has made and have confidence that iQiyi's management will continue to grow its leading position. Going forward, we see users spending more and more time on online video and we will integrate iQiyi's content more seamlessly into Baidu's overall search and mobile services."

Mr. Li added, "I want to extend my appreciation to the Providence team for their contribution to and support of iQiyi over the last two-and-a-half years."

Dr. Yu Gong, founder and CEO of iQiyi, added, "iQiyi has established a great business foundation and strong brand recognition and we look forward to leveraging our relationship with Baidu to further drive superior user and advertising customer experience."


Tuesday, October 30, 2012
Comments & Business Outlook

Third Quarter 2012 Highlights

  • Total revenues in the third quarter of 2012 were RMB6.251 billion ($994.6 million), a 49.7% increase from the corresponding period in 2011.
  • Operating profit in the third quarter of 2012 was RMB3.297 billion ($524.6 million), a 48.1% increase from the corresponding period in 2011.
  • Net income attributable to Baidu in the third quarter of 2012 was RMB3.008 billion ($478.6 million), a 59.8% increase from the corresponding period in 2011. Diluted earnings attributable to Baidu per ADS for the third quarter of 2012 were RMB8.59 ($1.37); diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses (non-GAAP) for the third quarter of 2012 were RMB8.76 (1.39).

    "We are pleased to report a solid performance for the third quarter driven by encouraging customer growth and improvements to our monetization platform," said Robin Li, chairman and chief executive officer of Baidu.

    "During the quarter, we worked to improve user experience by more closely integrating Baidu's suite of market-leading vertical products with Web search," continued Mr. Li. "Mobile and cloud represent our vision for the future of China's Internet, and Baidu will continue to proactively drive the development of this crucial ecosystem. We stand ready to meet the challenges and capture the opportunities the PC-to-mobile transition presents."

    Jennifer Li, Baidu's chief financial officer, commented, "In the third quarter, we saw solid profitability as we continued our strategy of investing in key areas of future growth, particularly mobile and cloud. In the quarters ahead, we will look to accelerate the pace of investment to achieve long-term, sustainable growth."

Outlook for Fourth Quarter 2012

Baidu currently expects to generate total revenues in an amount ranging from RMB6.155 billion ($979.3 million) to RMB6.345 billion ($1.010 billion) for the fourth quarter of 2012, representing a 37.6% to 41.8% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.


Tuesday, July 24, 2012
Comments & Business Outlook

Second Quarter 2012 Highlights

  • Total revenues in the second quarter of 2012 were RMB5.456 billion ($858.8 million), a 59.8% increase from the corresponding period in 2011.
  • Operating profit in the second quarter of 2012 was RMB2.815 billion ($443.1 million), a 51.5% increase from the corresponding period in 2011.
  • Net income attributable to Baidu in the second quarter of 2012 was RMB2.770 billion ($436.0 million), a 69.6% increase from the corresponding period in 2011.
  • Diluted earnings attributable to Baidu per ADS for the second quarter of 2012 were RMB7.86 ($1.24);
  • Diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses (non-GAAP) for the second quarter of 2012 were RMB8.01($1.26).

"We are pleased to announce strong results for the second quarter despite macro headwinds and challenging comparisons with the same period last year," said Robin Li, chairman and chief executive officer of Baidu. "Our efforts to expand our customer base continue to make solid progress."

Mr. Li continued, "In the coming quarters, we will maintain momentum by rolling out optimized sales processes and more advanced tools to help current and potential customers increase returns on their online marketing spend. We will also continue to actively explore the vast opportunities in China's fast-emerging mobile Internet and cloud sectors."

Jennifer Li, Baidu's chief financial officer, commented, "We once again posted solid growth on the top and bottom lines even as we continued to invest aggressively in expanding our network infrastructure and talent base. Moving forward, this robust investment strategy will be key to achieving long-term, sustainable growth and strengthening Baidu's position at the heart of China's Internet ecosystem."

Outlook for Third Quarter 2012

Baidu currently expects to generate total revenues in an amount ranging from RMB6.245 billion($983.0 million) to RMB6.410 billion ($1.009 billion) for the third quarter of 2012, representing a 49.6% to 53.5% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.


Monday, July 23, 2012
Comments & Business Outlook

Second Quarter 2012 Results

  • Total revenues in the second quarter of 2012 were RMB5.456 billion ($858.8 million), a 59.8% increase from the corresponding period in 2011.
  • Operating profit in the second quarter of 2012 was RMB2.815 billion ($443.1 million), a 51.5% increase from the corresponding period in 2011.
  • Net income attributable to Baidu in the second quarter of 2012 was RMB2.770 billion ($436.0 million), a 69.6% increase from the corresponding period in 2011. Diluted earnings attributable to Baidu per ADS for the second quarter of 2012 were RMB7.86 ($1.24); diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses (non-GAAP) for the second quarter of 2012 were RMB8.01 ($1.26).

"We are pleased to announce strong results for the second quarter despite macro headwinds and challenging comparisons with the same period last year," said Robin Li, chairman and chief executive officer of Baidu. "Our efforts to expand our customer base continue to make solid progress."

Mr. Li continued, "In the coming quarters, we will maintain momentum by rolling out optimized sales processes and more advanced tools to help current and potential customers increase returns on their online marketing spend. We will also continue to actively explore the vast opportunities in China's fast-emerging mobile Internet and cloud sectors."

Jennifer Li, Baidu's chief financial officer, commented, "We once again posted solid growth on the top and bottom lines even as we continued to invest aggressively in expanding our network infrastructure and talent base. Moving forward, this robust investment strategy will be key to achieving long-term, sustainable growth and strengthening Baidu's position at the heart of China's Internet ecosystem."

Outlook for Third Quarter 2012

Baidu currently expects to generate total revenues in an amount ranging from RMB6.245 billion ($983.0 million) to RMB6.410 billion ($1.009 billion) for the third quarter of 2012, representing a 49.6% to 53.5% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.


Wednesday, April 25, 2012
Comments & Business Outlook

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.


Monday, March 19, 2012
Joint Venture

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."


Friday, February 17, 2012
Comments & Business Outlook

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.


Friday, October 28, 2011
Comments & Business Outlook

Third Quarter 2011 Results

  • Total revenues in the third quarter of 2011 were RMB4.175 billion ($654.7 million), an 85.1% increase from the corresponding period in 2010.


 

  • Operating profit in the third quarter of 2011 was RMB2.226 billion ($349.1 million), an 88.5% increase from the corresponding period in 2010.


 

  • Net income attributable to Baidu in the third quarter of 2011 was RMB1.882 billion ($295.0 million), a 79.8% increase from the corresponding period in 2010. Diluted earnings attributable to Baidu per ADS(2) (EPADS) for the third quarter of 2011 were RMB5.38 ($0.84); diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses (non-GAAP) for the third quarter of 2011 were RMB5.49 ($0.86).

Robin Li, chairman and chief executive officer of Baidu commented, "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."

Jennifer Li, Baidu's chief financial officer, commented, "We enjoyed another strong quarter of top and bottom line growth, while maintaining a robust level of investment in R&D, infrastructure development and new strategic opportunities to support our future growth.

"In this quarter, we completed the acquisition of Qunar, a leading travel search engine in China, and for the first time consolidated Qunar's financial results. In addition, to support the rapid growth of our online video service provider Qiyi, we made a $23 million cash contribution and incurred a charge based on equity method accounting. Our EPADS would have been $0.91 without this charge associated with Qiyi."

Outlook for Fourth Quarter 2011

Baidu currently expects to generate total revenues in an amount ranging from RMB4.410 billion ($691.4 million) to RMB4.535 billion ($711.0 million) for the fourth quarter of 2011, representing a 79.9% to 85.0% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.


Tuesday, July 26, 2011
Comments & Business Outlook

BEIJING, July 25, 2011 /PRNewswire-Asia/ -- Baidu, Inc. (NASDAQ: BIDU), the leading Chinese language Internet search provider, today announced its unaudited financial results for the second quarter ended June 30, 2011(1).

Second Quarter 2011 Highlights

  • Total revenues in the second quarter of 2011 were RMB3.415 billion ($528.4 million), a 78.4% increase from the corresponding period in 2010.

  • Operating profit in the second quarter of 2011 was RMB1.858 billion ($287.5 million), a 91.2% increase from the corresponding period in 2010.

  • Net income in the second quarter of 2011 was RMB1.633 billion ($252.6 million), a 95.0% increase from the corresponding period in 2010. Diluted earnings per ADS(2) for the second quarter of 2011 were RMB4.67 ($0.72); diluted earnings per ADS excluding share-based compensation expenses (non-GAAP) for the second quarter of 2011 were RMB4.77 ($0.74).

"Baidu had another excellent quarter, as we benefited from strong traffic growth and improved monetization," said Robin Li, chairman and chief executive officer of Baidu. "We were especially encouraged with the strong spending from large customers, highlighting the increased value they saw from their marketing spend on Baidu."

"We continued to see strong momentum and product integration from our Box Computing open data and application platforms during the quarter," Mr. Li continued. "Our position at the center of China's Internet ecosystem enables Baidu to benefit from key trends such as the growth of e-commerce. Looking ahead, I am confident that Baidu's emphasis on innovation and execution will help us continue to attract and retain users and customers."

Jennifer Li, Baidu's chief financial officer, commented, "Our top and bottom line results grew strongly again this quarter, with healthy increases in overall traffic and paid click growth. We will continue to accelerate our investments in strategic areas, R&D, network infrastructure and bringing new talents on board to drive long term growth."


Friday, June 24, 2011
Acquisition Activity

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."


Sunday, June 5, 2011
Liquidity Requirements
We believe that our current cash, cash equivalents, short-term investments and anticipated cash flow from operations will be sufficient to meet our anticipated cash needs, including our cash needs for working capital and capital expenditures, for at least the next 12 months. We may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue.

Thursday, April 28, 2011
Comments & Business Outlook

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.

Tuesday, February 1, 2011
Comments & Business Outlook

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).

Fourth Quarter and Fiscal Year 2010 Highlights

     

  • 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).

"This has been another quarter of outstanding performance for Baidu, with market momentum and our continued improvement in monetization fuelling top line growth," said Robin Li, Baidu's chairman and chief executive officer.

"Baidu continues to build upon our clear leadership in China's search market," Mr. Li added. "Looking forward we will further integrate search with online activities such as e-commerce and social networking and I am confident that Baidu will remain at the center of China's Internet ecosystem."

"I am pleased to report another quarter of stellar top and bottom line growth," commented Jennifer Li, Baidu's chief financial officer. "I'm also excited to note that in 2010 we enjoyed accelerating top line growth and record profitability despite substantial investment. As we remain focused on developing the market and driving top-line growth, we will continue to aggressively invest in R&D, sales, marketing and network infrastructure."


Friday, July 24, 2009
Comments & Business Outlook
 3rd Quarter 2009 Guidance Ending September a

  3rd Quarter 2009 Guidance

3rd QUARTER 2008

Period Change
GAAP Revenue $184.0 to $189 million $135.4   million 35.9% to 39.6%

Source: See Release, July 23, 2009

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


Monday, June 22, 2009
Comments & Business Outlook

''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.''

 2nd Quarter 2009 Guidance Ending June a

  2nd Quarter 2009 Guidance

2nd QUARTER 2008

Period Change
GAAP Revenue $157 to $161 million $117.0 million 34.2% to 37.6%

Source: See Release

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


Monday, February 23, 2009
Comments & Business Outlook

Guidance Report:

First Quarter Fiscal 2009 Guidance Ending March

  2009 Guidance 2008 Reported Period Change
GAAP Revenue $114 to $117 million $83.82 million 36% to 39%

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)