Beijing, 22nd October: Baidu, a leading Chinese language Internet search provider, announced results for the quarter ended 30th September this week. Revenues grew to US$135.4 million, an increase of 85.1% compared with the same quarter in 2007. Operating profit was US$54.2 million – more than double the same period last year. The number of active online marketing customers increased 35.7% to 194,000. Revenue per customer this quarter increased to US$692. That is an increase of 34.3% over the third quarter of 2007.

Baidu’s net income was US$51.2 million, up 91.4% compared with the same quarter last year. Diluted earnings per share were US$1.47. The company is forecasting revenues in the fourth quarter to be between US$151 million and US$155 million, an increase of over 80% of the fourth quarter of 2007.

The strong results surprised some analysts. Richard Ji at Morgan Stanley noted, “The company delivered very solid results despite a rough macro environment.”

Sources: Baidu press release, Courtesy of BSG Asia

BIIA Newsletter October 2008 Issue