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Baidu Strikes Gold With Quarterly Returns
February 14, 2008 |
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Chinese Internet search engine Baidu.com's (BIDU) unaudited financial results for the fourth quarter and fiscal year ended December 31, 2007 show total quarterly revenues increased to CNY571.1 million, representing a 110.5% increase from the corresponding period in 2006.
"We are pleased to report another quarter of solid results, with healthy earnings growth demonstrating the scalability of our business model," said Robin Li, Baidu's chairman and CEO. "These results were driven by our continued strategy of enhancing our product and service offerings to ensure the best user experience. Our efforts were rewarded by increases in our user traffic and expansion of our market share, further strengthening our position as the leader in Chinese language search."
Online marketing revenues for the fourth quarter were CNY569.6 million, representing a 111.2% increase from the fourth quarter 2006. The growth was driven by the increases in both the number of active online marketing customers and revenue per customer. Baidu had more than 155,000 active online marketing customers in the fourth quarter of 2007, representing an 8.4% increase from the previous quarter and 43.5% from the corresponding period in 2006. Revenue per online marketing customer for the fourth quarter increased to approximately CNY3,700, a sequential increase of 5.7% and an increase of 48.0% from the corresponding period in 2006.
Traffic acquisition cost as a component of cost of revenues was CNY72.3 million, representing 12.7% of total revenues, compared to 8.7% in the corresponding period in 2006. The increase in TAC as a percentage of total revenues primarily reflects the continued growth of revenue contribution from Baidu Union members.
Operating profit was CNY176.3 million, representing a 73.3% increase from the corresponding period in 2006. Net income was CNY219.8 million, representing a 79.0% increase from the corresponding period in 2006.
Total revenues in 2007 were CNY1.74 billion, representing a 108.2% increase from 2006. Traffic acquisition costs in 2007 were CNY204.7 million, representing 11.7% of total revenues compared to 9.0% in 2006. The increase in TAC as a percentage of total revenues primarily reflects the continued growth of revenue contribution from Baidu Union members.
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