Baidu announced its first quarter results for 2012. Revenues were US$677 million, up 75% over the same period in 2011. Net income attributable to the company was US$299 million, a jump of 76% over the first quarter last year. Diluted earnings per share in the period were RMB 5.38 (US$0.85).
The number of active online marketing customers increased 17% to about 321,000 in the first quarter of 2012, and revenue per customer grew to US$2,112 – a rise of 49% over the first quarter of 2011.
Rakuten close JV with Baidu
Japan e-commerce company, Rakuten, announced after a Board of Directors meeting its decision to close Rakuten.cn, a Chinese e-commerce joint venture with Baidu, by the end of May 2012. The company also announced on Rakuten.cn that services will stop on 27th April.
Rakuten cited lower than expected performance due to intensified competition in the Chinese e-commerce industry as reason for the shutdown. Users must complete all transactions before midnight of 26th April in order to utilise their points. Rakuten also invited users to join its Rakuten Global Market, which is available in traditional and simplified Chinese.
Source: Business Strategies Group Hong Kong www.bsgasia.com