Baidu Q2 2010 Net Profit Up 119% YoY
PRNewswire-Asia, 7/22/10
Chinese online search engine Baidu (Nasdaq: BIDU) has announced its unaudited financial results for the second quarter ended June 30, 2010, with total revenues reaching RMB 1.914 bln (USD 282.3 mln), up 74.4% year-on-year.
Net income in the second quarter of 2010 was RMB 837.4 mln (USD 123.5 mln), a 118.5% increase from the corresponding period in 2009.
Online marketing revenues for the second quarter of 2010 were RMB 1.913 bln (USD 282.2 mln), representing a 74.5% increase from the corresponding period in 2009. Baidu had about 254,000 active online marketing customers in the second quarter of 2010, representing a 25.1% increase from the corresponding period in 2009 and a 14.9% increase from the previous quarter. Revenue per online marketing customer for the second quarter was approximately RMB 7,500 (USD 1,106), a 38.9% increase from the corresponding period in 2009 and a 27.1% increase from the previous quarter.
Traffic acquisition cost (TAC) as a component of cost of revenues was RMB 185.6 mln (USD 27.4 mln), representing 9.7% of total revenues, as compared to 16.0% in the corresponding period in 2009 and 13.2% in the first quarter of 2010. The decrease in TAC as a percentage of total revenues is primarily due to the quality improvement of Baidu Union traffic.
Research and development expenses were RMB 159.3 mln (USD 23.5 mln), a 66.2% increase from the corresponding period in 2009. The increase was primarily due to increased R&D personnel expenses.
Baidu currently expects to generate total revenues in an amount ranging from RMB 2.2 bln (USD 324.4 mln) to RMB 2.26 bln (USD 333.3 mln) for the third quarter of 2010, representing a 72% to 77% year-over-year increase.
To view Baidu's full earnings report, please click here.
Keywords: guidance Internet profit online search Baidu BIDU Q2 2010 fiscal report online advertising
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