Baidu Q1 net soars 71.5 per cent

Baidu Q1 net soars 71.5 per cent

Revenues in the first quarter of 2008 recorded at $81.9 million

Friday, April 25, 2008

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BEIJING, CHINA: Chinese language Internet search provider Baidu.com has reported a net income of $20.9 million in the first quarter of 2008, an increase of 71.5 per cent over the corresponding period in 2007.

Total revenues in the quarter increased to $81.9 million, a growth of 108.4 per cent over the corresponding period in 2007.

The number of active online marketing customers during the first quarter grew to approximately 161,000.

"Our revenue growth remained strong and is an indication of our ability to execute our strategy of providing the best possible user experience and service to our customers. Instrumental to our growth were the ceaseless efforts of our sales force and customer service teams who continued to deliver strong results despite a long Chinese New Year holiday and severe snow storms across large parts of China. In addition, a larger customer base contributed to strong organic and Baidu Union growth," said Robin Li, Baidu's chairman and CEO.

During the first quarter Baidu launched the public testing of its instant messaging platform Baidu Hi.

Baidu expects revenues ranging from $111 million to $114 million for the second quarter of 2008, representing a 94.4 per cent to 99.4 per cent increase from the corresponding period in 2007.

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