According to foreign media reports, on Wednesday Baidu (NASDAQ: BIDU) announced the company’s unaudited financial results in the first quarter at March 31, 2010. Filing shows the total revenues of Baidu reach 1.294 billion Yuan (about 189.6 million U.S. dollars) in the first quarter. And its net profit reaches 480.5 million Yuan (about 70.4 million U.S. dollars) in the first quarter.
Baidu’s key performance in the first quarter:
- The total revenues of Baidu reach 1.294 billion Yuan (about 189.6 million U.S. dollars) in the first quarter, up by 59.6%.
- The total profits of Baidu reach 530.8 million Yuan (about 77.8 million U.S. dollars) in the first quarter, up by 167.4% over last year.
- Baidu’s net profit reaches 480.5 million Yuan (about 70.4 million U.S. dollars) in the first quarter, up by 165.3%. Its diluted earnings per share in the first quarter were 13.77 Yuan (about 2.02 U.S. dollars). Not including expenses of stock-based compensation (non-GAAP), Baidu’s diluted earnings per share were 14.33 Yuan (about 2.10 U.S. dollars) in the first quarter.
Chairman and CEO of Baidu, Robin Li said, "Although the Spring Festival holiday had seasonal effects on our first quarter results, but the company broke record revenue with strong earnings’ growth. The phoenix nest is particularly worth mentioning. Its great performance even exceeded our own expectations of the original phoenix nest. The management tools it offered were widely welcomed by business customers. And the customers enjoy it better through the phoenix nest on investment. Looking ahead, we focus on further education market to benefit more companies in China from the Baidu search marketing. "
Baidu's CFO, Xinzhe Lee, said that committed to the development of robust profits, Baidu had got satisfactory results in the first quarter of 2010 revenues and net profits. In the following, Baidu will continue to invest in strengthening R & D and sales force to expand the team building and further investment in network infrastructure to adapt to the Internet search traffic growing trend.