The top Chinese language internet search provider, Baidu, has declared it unaudited earnings for the second quarter of this year. According to the report, Baidu has posted net revenues of RMB2.64 billion or $430.8 million during the period that is 38.6 percent more then what the company was able to post in the same period last year. On this occasion, Baidu also made it known that it has been able to add 58,000 more online customers to its user base in spite of facing tough competition from its rivals in the search engine market, especially from Qihoo. Thanks to the increased spending on advertising Baidu has been able to accomplish the task and post excellent revenue during the second quarter.
The chairman and chief executive officer of Baidu, Robin Li said that, “We made solid progress in the second quarter, adding a record 58,000 online active customers. The adoption of our mobile platform gained momentum and mobile monetization improved. Mobile revenues for the first time accounted for over 10% of our total revenues this quarter.”
Adding to this Mr. Li said that, “Our recent investments have further strengthened Baidu’s position in key strategic areas such as search, LBS, app distribution and online video. Our market-leading technology, innovative new products and unrivalled customer value proposition will keep us at the heart of the Internet in China.”
The chief financial officer of Baidu, Jennifer Li commented on this occasion that, “We are encouraged to see clear progress in key investment areas. We will continue to invest aggressively and remain committed to building long-term value for our shareholders.”
Below are the highlights of Baidu’s second quarter result and the future outlook of the company for the third quarter of 2013 that the Chinese company revealed in its official press release to give its followers a quick idea about their earnings.
“Second Quarter 2013 Highlights
Total revenues in the second quarter of 2013 were RMB7.561 billion ($1.232 billion), a 38.6% increase from the corresponding period in 2012.
Operating profit in the second quarter of 2013 was RMB2.904 billion ($473.1 million), a 3.2% increase from the corresponding period in 2012.
Net income attributable to Baidu in the second quarter of 2013 was RMB2.644 billion ($430.8 million), a 4.5% decrease from the corresponding period in 2012. Diluted earnings attributable to Baidu per ADS for the second quarter of 2013 were RMB7.52 ($1.22); diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses (non-GAAP) for the second quarter of 2013 were RMB7.75 ($1.26).
Outlook for Third Quarter 2013
Baidu currently expects to generate total revenues in an amount ranging from RMB8.730 billion ($1.422 billion) to RMB8.960 billion ($1.460 billion) for the third quarter of 2013, representing a 39.7% to 43.3% year-over-year increase. This forecast reflects Baidu’s current and preliminary view, which is subject to change.”
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