Chinese Internet search engine company Baidu.com (BIDU) says its fourth quarter 2005 total revenues increased to CNY114.9, representing a 29.2% increase from the previous quarter and a 167.7% increase from the corresponding period in 2004.
The company issued the figures for the fourth quarter and fiscal year ended December 31, 2005
Baidu says it expects to generate total revenues in an amount ranging from CNY125 million to CNY130 million for the first quarter of 2006, representing a 174% to 185% increase from the corresponding period in 2005.
Baidu had more than 63,000 active online marketing customers as of December 31, 2005, representing an 18.6% increase from the previous quarter.
"We are pleased that Baidu has achieved another quarter of strong revenue and earnings growth despite increased efforts by our peers in the Chinese language search market," said Robin Li, Baidu's Chairman and CEO. "The strength of the Baidu brand has helped us further enhance our market leadership position in 2005. We are proud to have won the confidence of millions of Chinese search users."
Online marketing revenues for the fourth quarter were CNY111.7 million, representing a 30.1% increase sequentially and a 179.3% increase from fourth quarter 2004. The growth was driven by the increases in both the number of customers and revenue per customer.
Operating profit on a GAAP basis was CNY14.2 million, representing a 105.6% increase from the previous quarter and a 137.1% increase from the corresponding period in 2004. Operating profit excluding share-based compensation expenses (non-GAAP) was CNY24.7 million for the fourth quarter of 2005, a 39.2% increase sequentially and a 124.6% increase from the corresponding period in 2004.
Total revenues for 2005 were CNY319.2 million, representing a 171.8% increase from the previous year.
Online marketing revenues were CNY307.4 million for the entire year of 2005, representing a 187.6% increase from the previous year.
As of December 31, 2005, Baidu had 1,307 full time employees, up from 349 at the end of 2004.