Earnings: Baidu Outperforms, Revenue Doubles Year-On-Year
Baidu (Nasdaq: Bidu) has released its first quarter results for the three months ending March 31st. Total revenue for the quarter increased 103.3 percent year-on-year to RMB275.6 million (US$35.7 million). Net income for the quarter rose 142.6 percent year-on-year to RMB85.5 million (US$11.1 million).
The growth was driven by the increases in both the number of active online marketing customers and revenue per customer. Baidu had more than 112,000 active online marketing customers in the first quarter of 2007, representing a 3.7 percent increase from the previous quarter. Revenue per online marketing customer for the first quarter of 2007 remained stable at approximately RMB2,500 (US$323.7).
For the next quarter Baidu expects to generate between RMB378 million and RMB388 million (US$48.9 million to US$50.2 million), which would represent a 97-103 percent increase year-on-year and a 37-41 percent increase sequentially.
