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Baidu's first quarter revenue of 3 billion 330 million U.S. dollars, an increase of 31% over the same period last year

via:博客园     time:2018/4/27 10:19:50     readed:274

Baidu released its unaudited financial report in the first quarter of 2018 on Thursday. In this quarter, Baidu's revenue was 20 billion 900 million yuan (about $3 billion 330 million), up 31%, of which mobile revenue accounted for 78%, and net profit was 6 billion 700 million yuan (about $1 billion 100 million), up 277% from the same period of last year.

Major performance in the first quarter:

Baidu's total revenue in the first quarter was 20 billion 900 million yuan (US $3 billion 330 million), an increase of 31% over the same period last year. Baidu's mobile revenues accounted for 78% of total revenue in the first quarter, compared with 70% in the same period last year.

- Baidu's operating profit in the first quarter was 4 billion 600 million yuan (about $728 million), up 128% from a year earlier, and the operating profit margin was 22%, up from 13% in the same period of the previous year. Excluding general accounting standards, Baidu's first quarter operating profit was 5 billion 300 million yuan (about $852 million), up 103% from the same period, and the operating profit rate was 26%, up from 17% in the same period of the previous year, in accordance with the US general accounting standards. In accordance with US GAAP, Iqiyi has reduced Baidu's operating profit margin by 13 percentage points in the first quarter.

Baidu's net profit in the first quarter was 6 billion 700 million yuan (US $1 billion 100 million), an increase of 277% over the same period last year. Baidu's diluted earnings per US depository receipts in the first quarter were 19 yuan (US $2.98). Excluding the equity incentive spending (not in accordance with GAAP), Baidu's first quarter net profit was 5 billion 700 million yuan (US $914 million). In the first quarter, Baidu's diluted earnings per share of us depositary receipts were 16 yuan (about US $2.60), not in accordance with the US general accounting standards.

Excluding interest, tax, depreciation, amortization, other non operating profit and equity incentive expenditure (not according to general accounting standards of the United States), the net profit of the first quarter of Baidu was 6 billion 100 million yuan (about 979 million US dollars), 69% and 29% in total revenue.

Yu Zhengjun, chief financial officer of Baidu, said:

First quarter financial analysis:

Baidu's total revenue in the first quarter was 20 billion 900 million yuan (US $3 billion 330 million), an increase of 31% over the same period last year. Baidu's mobile revenues accounted for 78% of total revenue in the first quarter, compared with 70% in the same period last year.

Baidu's online marketing revenue was 172 billion yuan ($27.4 billion) in the first quarter, up 23 percent from a year earlier. Baidu active network marketing customers in the first quarter of the number of about 475,000, a year-on-year increase of 5. Baidu's average revenue from every online marketing customer in the first quarter was about 361,000 yuan ($5800), up 19 percent from a year earlier. The first quarter came from

Baidu's first quarter content cost was 4 billion 200 million yuan (US $669 million), an increase of 59% over the same period last year. The year-on-year increase in Baidu's content costs is mainly due to the growth of Iqiyi's content costs.

Baidu's first quarter traffic acquisition cost (TAC) was 2 billion 300 million yuan (US $360 million), an increase of 3% over the same period last year.

Baidu's first quarter bandwidth cost was 1 billion 500 million yuan (about $235 million), up 10% from the same period last year; other revenue costs, including depreciation costs, operating costs, sales taxes and surcharges and equity incentives, were RMB 2 billion yuan (about $316 million), up 7% from the same period last year.

Baidu's first quarter sales, general and administrative expenses amounted to 3 billion 100 million yuan (US $501 million), an increase of 12% over the same period last year.

Baidu's R & D expenditure in the first quarter was 3 billion 300 million yuan (about $525 million), up 16% from the same period last year, mainly due to the growth of R & D related expenditure.

Baidu's equity awards in the first quarter amounted to 778 million yuan (US $124 million), compared with 631 million yuan in the same period last year.

Baidu's operating profit in the first quarter was 4.6 billion yuan ($728 million), up 128 percent from a year earlier. Operating profit for Baidu in the first quarter was 5.3 billion yuan ($852 million), up 103 percent from a year earlier, not in accordance with U.S. general accounting standards.

Baidu's first quarter income tax was 1 billion 100 million yuan (US $179 million), compared with 405 million yuan in the same period last year. Baidu's effective tax rate in the first quarter was 17%, compared with 19% in the same period last year.

Baidu's net profit in the first quarter was 6 billion 700 million yuan (US $1 billion 100 million), an increase of 277% over the same period last year. Baidu's diluted earnings per US depository receipts in the first quarter were 19 yuan (US $2.98). Excluding the equity incentive spending (not in accordance with GAAP), Baidu's first quarter net profit was 5 billion 700 million yuan (US $914 million). In the first quarter, Baidu's diluted earnings per share of us depositary receipts were 16 yuan (about US $2.60), not in accordance with the US general accounting standards.

Excluding interest, tax, depreciation, amortization, other non operating profit and equity incentive expenditure (not according to general accounting standards of the United States), the net profit of the first quarter of Baidu was 6 billion 100 million yuan (about 979 million US dollars), 69% and 29% in total revenue.

As of March 31, 2018, the total value of cash, cash equivalents and short-term investments held by Baidu was 110 billion 500 million yuan (US $17 billion 600 million). In the first quarter, Baidu's net operating cash flow and capital expenditure were 8 billion 500 million yuan (about $1 billion 360 million) and 2 billion yuan (about $314 million), respectively.

Performance Outlook:

Baidu expects total revenue in the second quarter of 2018 in the second quarter to be 24 billion 910 million yuan (about $3 billion 970 million) to 26 billion 190 million yuan (about $4 billion 170 million), up from 26% to 33% year-on-year. Excluding the impact of divestiture assets such as mobile games and Baidu takeaway, this represents a year-on-year growth of 28% to 34%. Baidu's prediction of its first quarter performance represents only current and preliminary views, and may be adjusted in the future.

Stock price performance:

Baidu shares rose $7.28 on Thursday in the Nasdaq stock market regular trading, or 3.15%, closing at $238.69. In the subsequent after hours trading, Baidu shares rose 13.15 dollars to 5.51%, and the stock price was 251.84 dollars. In the past 52 weeks, Baidu's lowest stock price was $173.52, with a maximum price of $274.97. According to Thursday's closing price, Baidu's market capitalization is about $83 billion 100 million.

Financial statements are illustrated.

First, revenue continues to grow at a high speed

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Baidu's total revenue in the first quarter was 20 billion 900 million yuan (US $3 billion 330 million), an increase of 31% over the same period last year. Baidu's mobile revenues accounted for 78% of total revenue in the first quarter, compared with 70% in the same period last year. In the past three quarters, Baidu's revenue grew by more than 20% over the same period last year.

Two, net profit surged over the same period

orgsrc=https://images2018.cnblogs.com/news/66372/201804/66372-20180427093715810-1668152179.jpg

Baidu's net profit in the first quarter was 6 billion 700 million yuan (US $1 billion 100 million), an increase of 277% over the same period last year. Baidu's diluted earnings per US depository receipts in the first quarter were 19 yuan (US $2.98). Excluding the equity incentive spending (not in accordance with GAAP), Baidu's first quarter net profit was 5 billion 700 million yuan (US $914 million). In the first quarter, Baidu's diluted earnings per share of us depositary receipts were 16 yuan (about US $2.60), not in accordance with the US general accounting standards.

Three. High growth in operating profit

orgsrc=https://images2018.cnblogs.com/news/66372/201804/66372-20180427093715751-363374162.jpg

Baidu's operating profit in the first quarter was 4.6 billion yuan ($728 million), up 128 percent from a year earlier. Operating profit for Baidu in the first quarter was 5.3 billion yuan ($852 million), up 103 percent from a year earlier, not in accordance with U.S. general accounting standards.

Four, active network marketing customers return to growth

orgsrc=https://images2018.cnblogs.com/news/66372/201804/66372-20180427093715876-1443578997.jpg

The number of active internet marketing customers in Baidu in the first quarter was about 47.5, an increase of 5% over the same period last year. After a continuous decline, the number of Baidu active internet marketing customers began to recover from the fourth quarter of last year.

Five, the average revenue of every network marketing customer is down.

orgsrc=https://images2018.cnblogs.com/news/66372/201804/66372-20180427093715845-1074590802.jpg

Baidu's average revenue from every internet marketing customer in the first quarter was about 36 thousand and 100 yuan (about $5800), up 19% from $4678 in the same period last year, but down from $6800 in the last quarter.

Six, the growth of the cost of traffic is declining.

orgsrc=https://images2018.cnblogs.com/news/66372/201804/66372-20180427093715880-92762487.jpg

Baidu's first quarter traffic acquisition cost (TAC) was 2 billion 300 million yuan (US $360 million), an increase of 3% over the same period last year.

Seven, the growth of bandwidth cost is steady

orgsrc=https://images2018.cnblogs.com/news/66372/201804/66372-20180427093715949-1374127686.jpg

Baidu's first quarter bandwidth cost was 1 billion 500 million yuan (US $235 million), an increase of 10% over the same period last year.

Eight. The accelerated growth of content expenditure

orgsrc=https://images2018.cnblogs.com/news/66372/201804/66372-20180427093715993-977757885.jpg

Baidu's first quarter content cost was 4 billion 200 million yuan (US $669 million), an increase of 59% over the same period last year. The year-on-year increase in Baidu's content costs is mainly due to the growth of Iqiyi's content costs.

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