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Baidu Q4 Profit Rises On Higher Online Marketing Service Revenue; Issues Q1 Revenue Guidance
02/18/2009 7:41PM
(RTTNews) - Wednesday, Chinese language internet search service provider Baidu, Inc. (BIDU) reported a 31.3% rise in the fourth-quarter net income from the year-ago period primarily due to higher online marketing service revenue. The company also issued its fiscal 2009 first quarter revenue guidance.
The Beijing, China-based company reported an increase in the fourth-quarter net income to RMB288.67 million or RMB8.31 per share or $42.3 million or $1.22 per share from RMB219.84 million or RMB6.32 per share in the corresponding quarter last year.
Excluding share-based compensation expenses, non-GAAP net income for the quarter increased 33% to RMB310.16 million or RMB8.93 per share or $45.5 million or $1.31 per share from RMB233.12 million in the similar period last year. On average, twelve analysts polled by Thomson Reuters estimated earnings of RMB1.32 per share for the quarter. Analysts' estimates typically exclude special items.
The company noted that costs and expenses related to Baidu's Japan operations for the fourth quarter of 2008 were RMB37.0 million or $5.4 million, which reduced earnings by RMB1.06 per share or $0.16 per share.
As of December 31, 2008, the company had cash, cash equivalents and short-term investments of RMB2.7 billion or $390.4 million. Net operating cash inflow and capital expenditures for the fourth quarter of 2008 were RMB482.1 million or $70.7 million and RMB61.4 million or $9.0 million, respectively.
Total revenue for the fourth quarter of fiscal 2008 increased 58% to RMB902.12 million or $132.2 million from RMB571.06 million in the corresponding period last year. Analysts estimated revenue of $132.65 million for the quarter.
Segment wise, Online marketing services revenue for the quarter increased 58.3% to RMB901.39 million from RMB569.59 million in the prior-year similar period. The number of active online marketing customers during the fourth quarter was over 197,000, an increase of 1.5% from the previous quarter.
Other services revenue for the quarter declined to RMB0.73 million from RMB1.47 million in the comparable period of fiscal year 2007.
Robin Li, Baidu's chairman and CEO said, "Having gone through this important quarter, Baidu has become a stronger company with a higher quality customer base, tighter operational controls and more confidence in our ability to overcome challenges. Looking forward, we will continue to execute on the strategies we have put in place to drive traffic and monetization in these difficult economic times. As the leader in this high-growth market, we remain confident in our business model and long-term potential."
Total operating costs and expenses for the quarter increased to RMB597.40 million from RMB394.78 million in the similar period last year.
The company reported an exchange loss of RMB2,000 that narrowed from RMB1.90 million in the prior-year similar period.
Income tax expense for the quarter was RMB41.83 million or $6.1 million compared to an income tax benefit of RMB18.56 million in the fourth quarter of fiscal year 2007.
Baidu reported a 91.4% rise in the third quarter net income to RMB 347.9 million or US$51.2 million from RMB 181.73 million in the prior-year quarter. On a per share basis, net income for the third-quarter was RMB 10.00 or US$1.47, compared to RMB 5.23 per share in the year ago quarter.
Among others in the industry, Mountain View, California-based Google Inc. (GOOG) reported a steep decline in the fourth quarter GAAP net income to $382.4 million or $1.21 per share from $1.2 billion or $3.79 per share for the year-ago quarter. The company recorded stock-based compensation charges of $286 million and asset impairment charges totaling $1.09 billion related mainly to its investments in AOL and Clearwire. Gross revenues for the fourth quarter increased 18% to $5.70 billion from $4.83 billion in the same quarter last year.
Sunnyvale, California-based Yahoo! Inc. (YHOO) reported a fourth quarter GAAP net loss of $303.4 million or $0.22 per share compared to a GAAP net income of $205.7 million or $0.15 per share for the year-ago corresponding quarter. Total revenues for the fourth quarter decreased 1% to $1.81 billion from $1.83 billion in the similar period last year.
Beijing, China-based Sohu.com Inc. (SOHU), a provider of online products and services reported a surge in the fourth-quarter net income to US$56.62 million or US$1.45 per share from US$15.07 million or US$0.39 per share in the previous year. Total revenues for the quarter rose to US$121.57 million, a year-on-year increase of 86%, from US$65.34 million in the earlier year.
Shanghai, China-based online media company Sina Corp. (SINA) reported a rise in the third quarter net income to $21.96 million or $0.36 per share from $17.15 million or $0.28 per share in the same period last year. Revenues totaled $105.41 million, up 64% from $64.35 million a year ago.
For the fiscal 2008, Baidu reported a 66.6% surge in the net income to RMB1.05 billion or RMB30.19 per share or $153.6 million or $4.43 per share from RMB628.97 million or RMB18.11 per share in the corresponding period last year.
Excluding share-based compensation expenses, non-GAAP net income for the full year 2008 increased 69.3% to RMB1.13 billion or RMB32.61 or $165.9 million or $4.78 per share from RMB668.82 million in the fiscal 2007.
Total revenues for the full year 2008 increased 83.3% to RMB3.20 billion or $468.8 million from RMB1.74 billion in the fiscal 2007.
Looking forward, the company expects moderate year-over-year growth for the first quarter of 2009.
Baidu anticipates a portion of online marketing customers to scale back on marketing spending given the current market environment. The company also stated that the removal of certain sponsored links during the fourth quarter of 2008 resulted in a net loss of around 5% of revenue, impacting the first quarter.
Thus, based on the above considerations, Baidu currently expects to generate total revenue ranging from RMB780 million or $114 million to RMB800 million or $117 million for the first quarter of 2009, representing a 36% to 39% increase from the corresponding period in 2008. Analysts currently estimate revenues of $117.66 million for the quarter.
Jennifer Li, Baidu's CFO, commented, "Going into 2009, we will continue to focus on growing the top line and taking a disciplined approach to costs while making investments for long term gains, particularly in the areas of user experience, monetization, sales efficiency and branding."
Baidu closed Wednesday's trading at $128.09, up $5.74 or 4.69% on a volume of 2.80 million shares on the Nasdaq.
http://www.nasdaq.com/aspxcontent/N...g Service Revenue; Issues Q1 Revenue Guidance
02/18/2009 7:41PM
(RTTNews) - Wednesday, Chinese language internet search service provider Baidu, Inc. (BIDU) reported a 31.3% rise in the fourth-quarter net income from the year-ago period primarily due to higher online marketing service revenue. The company also issued its fiscal 2009 first quarter revenue guidance.
The Beijing, China-based company reported an increase in the fourth-quarter net income to RMB288.67 million or RMB8.31 per share or $42.3 million or $1.22 per share from RMB219.84 million or RMB6.32 per share in the corresponding quarter last year.
Excluding share-based compensation expenses, non-GAAP net income for the quarter increased 33% to RMB310.16 million or RMB8.93 per share or $45.5 million or $1.31 per share from RMB233.12 million in the similar period last year. On average, twelve analysts polled by Thomson Reuters estimated earnings of RMB1.32 per share for the quarter. Analysts' estimates typically exclude special items.
The company noted that costs and expenses related to Baidu's Japan operations for the fourth quarter of 2008 were RMB37.0 million or $5.4 million, which reduced earnings by RMB1.06 per share or $0.16 per share.
As of December 31, 2008, the company had cash, cash equivalents and short-term investments of RMB2.7 billion or $390.4 million. Net operating cash inflow and capital expenditures for the fourth quarter of 2008 were RMB482.1 million or $70.7 million and RMB61.4 million or $9.0 million, respectively.
Total revenue for the fourth quarter of fiscal 2008 increased 58% to RMB902.12 million or $132.2 million from RMB571.06 million in the corresponding period last year. Analysts estimated revenue of $132.65 million for the quarter.
Segment wise, Online marketing services revenue for the quarter increased 58.3% to RMB901.39 million from RMB569.59 million in the prior-year similar period. The number of active online marketing customers during the fourth quarter was over 197,000, an increase of 1.5% from the previous quarter.
Other services revenue for the quarter declined to RMB0.73 million from RMB1.47 million in the comparable period of fiscal year 2007.
Robin Li, Baidu's chairman and CEO said, "Having gone through this important quarter, Baidu has become a stronger company with a higher quality customer base, tighter operational controls and more confidence in our ability to overcome challenges. Looking forward, we will continue to execute on the strategies we have put in place to drive traffic and monetization in these difficult economic times. As the leader in this high-growth market, we remain confident in our business model and long-term potential."
Total operating costs and expenses for the quarter increased to RMB597.40 million from RMB394.78 million in the similar period last year.
The company reported an exchange loss of RMB2,000 that narrowed from RMB1.90 million in the prior-year similar period.
Income tax expense for the quarter was RMB41.83 million or $6.1 million compared to an income tax benefit of RMB18.56 million in the fourth quarter of fiscal year 2007.
Baidu reported a 91.4% rise in the third quarter net income to RMB 347.9 million or US$51.2 million from RMB 181.73 million in the prior-year quarter. On a per share basis, net income for the third-quarter was RMB 10.00 or US$1.47, compared to RMB 5.23 per share in the year ago quarter.
Among others in the industry, Mountain View, California-based Google Inc. (GOOG) reported a steep decline in the fourth quarter GAAP net income to $382.4 million or $1.21 per share from $1.2 billion or $3.79 per share for the year-ago quarter. The company recorded stock-based compensation charges of $286 million and asset impairment charges totaling $1.09 billion related mainly to its investments in AOL and Clearwire. Gross revenues for the fourth quarter increased 18% to $5.70 billion from $4.83 billion in the same quarter last year.
Sunnyvale, California-based Yahoo! Inc. (YHOO) reported a fourth quarter GAAP net loss of $303.4 million or $0.22 per share compared to a GAAP net income of $205.7 million or $0.15 per share for the year-ago corresponding quarter. Total revenues for the fourth quarter decreased 1% to $1.81 billion from $1.83 billion in the similar period last year.
Beijing, China-based Sohu.com Inc. (SOHU), a provider of online products and services reported a surge in the fourth-quarter net income to US$56.62 million or US$1.45 per share from US$15.07 million or US$0.39 per share in the previous year. Total revenues for the quarter rose to US$121.57 million, a year-on-year increase of 86%, from US$65.34 million in the earlier year.
Shanghai, China-based online media company Sina Corp. (SINA) reported a rise in the third quarter net income to $21.96 million or $0.36 per share from $17.15 million or $0.28 per share in the same period last year. Revenues totaled $105.41 million, up 64% from $64.35 million a year ago.
For the fiscal 2008, Baidu reported a 66.6% surge in the net income to RMB1.05 billion or RMB30.19 per share or $153.6 million or $4.43 per share from RMB628.97 million or RMB18.11 per share in the corresponding period last year.
Excluding share-based compensation expenses, non-GAAP net income for the full year 2008 increased 69.3% to RMB1.13 billion or RMB32.61 or $165.9 million or $4.78 per share from RMB668.82 million in the fiscal 2007.
Total revenues for the full year 2008 increased 83.3% to RMB3.20 billion or $468.8 million from RMB1.74 billion in the fiscal 2007.
Looking forward, the company expects moderate year-over-year growth for the first quarter of 2009.
Baidu anticipates a portion of online marketing customers to scale back on marketing spending given the current market environment. The company also stated that the removal of certain sponsored links during the fourth quarter of 2008 resulted in a net loss of around 5% of revenue, impacting the first quarter.
Thus, based on the above considerations, Baidu currently expects to generate total revenue ranging from RMB780 million or $114 million to RMB800 million or $117 million for the first quarter of 2009, representing a 36% to 39% increase from the corresponding period in 2008. Analysts currently estimate revenues of $117.66 million for the quarter.
Jennifer Li, Baidu's CFO, commented, "Going into 2009, we will continue to focus on growing the top line and taking a disciplined approach to costs while making investments for long term gains, particularly in the areas of user experience, monetization, sales efficiency and branding."
Baidu closed Wednesday's trading at $128.09, up $5.74 or 4.69% on a volume of 2.80 million shares on the Nasdaq.
http://www.nasdaq.com/aspxcontent/N...g Service Revenue; Issues Q1 Revenue Guidance
