Baidu’s Q4 revenue surpasses estimates
Print Edition
CHINESE search engine giant Baidu yesterday reported fourth-quarter revenue beat analysts’ estimates amid rising transactions via mobile devices.
The company said revenue in the fourth quarter rose 33 percent to 18.7 billion yuan (US$2.9 billion), beating 16.32 billion yuan estimated by Reuters analysts.
Baidu said profit jumped over sevenfold to 24.7 billion yuan as the company achieved a one-off gain from its exchange of shares in its online travel booking unit Qunar with Ctrip in October.
Excluding gains from the share swap, adjusted earnings were 7.61 yuan per American Depository Receipt in the fourth quarter, beating analysts’ estimates of 6.62 yuan per ADR.
Revenue from mobile business took up 56 percent of total sales in the quarter ended on December 31, up from 42 percent a year earlier.
Online marketing income increased 27 percent in the fourth quarter.
“Even as China’s overall growth slows, vertical industry such as services and domestic consumption-related sectors are gaining as they are supported by the government’s Internet Plus initiative and hold tremendous potential,” Baidu Chairman and CEO Robin Li said in a statement.
He added that the company “will continue to drive growth in key industry sectors in the rapidly evolving mobile Internet environment.”
Baidu expects revenue to be 15.41-15.97 billion yuan in the first quarter of this year, or rising 21-25.5 percent from a year earlier.
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