Chinese search giant Baidu Q1 net income up 165-percent

The largest Chinese-based online search engine, Baidu, has released first quarter earnings for 2010, posting a massive 165-percent increase in quarterly revenue over the same period last year.

The company reported total revenue of $189.6M in the latest Q1 2010 period, up 59.6-percent from Q1 2009. Operating profits in Q1 2010 were $77.8-million, up over 165-percent from Q1 2009.

Net income in the first quarter of 2010 was $70.4-million, also up significantly by 165-percent from the same period in fiscal 2009.

Retained earnings as at March 31, 2010 was $3,921-million, slowly increasing from $2,136-million from the same period last year.

 Baidu is estimated to hold about 70-percent of the total online search market in China, however, the company isn’t generating as much revenue as Chinese users are less likely to click on advertisements that appear within search results. China currently has the largest Internet population in the world, approaching 400-million active users.

The supernormal quarterly growth comes as the world’s biggest online search engine, Google, has announced it would exit China after alleged attempts of the Chinese government to steal sensitive information about Chinese Google users that saw e-mail accounts compromised. Additionally, the Chinese government to date has refused to remove required filtering of search results, an action that has strained Google’s and Washington’s relationship with the country as a push for more human rights continues.

Baidu CEO and chairman Robin Li said today in a statement, “We delivered a quarter of record revenue and strong profitability despite the usual seasonality associated with the Chinese New Year holiday,”

The company is forecasting more strong growth for the second quarter of 2010. The company says it expects to earn about $268-million to $274-million in total revenue in that period.

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Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to [email protected]
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