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Baidu ming-yuan li: next tuyere is O2O

分类:Company news  发布日期:2015-06-25 04:36:39  浏览次数:406  [关注]

On April 30, the Baidu (NASDAQ stock code: BIDU) today unveiled the 2015 unaudited financial results for the first quarter ended March 31. Earnings, Baidu's first-quarter total revenue reached 12.725 billion yuan (about US $ 2.053 billion), an increase of 34%, but below the upper 14.05 billion yuan in the first quarter; belong to Baidu's net profit of 2.449 billion yuan (about US $ 395.1 million), down 3.4%, but also lower than the previous quarter's 3.229 billion yuan.


  

Performance summary:


  

From the main operating figures, Baidu's first-quarter income from network marketing business 12.519 billion yuan, up 33.5% from a year earlier. For the quarter, Baidu to provide Internet marketing services to about 524,000 customers, customers 17.5% than last year, average income of 23,800 trillion yuan, compared with the same period last year grew by 13.9%.


  

Earnings data show, Baidu's first-quarter operating profit of 2.155 billion yuan, down 9.2% from 2014; belonging to Baidu's net profit in the first quarter to 2.449 billion yuan, a year earlier, to 3.4%. Mainly this quarter because Baidu continues to strengthen investment in research and development for the future, the expenditure of 2.286 billion yuan, 79.1% more than 2014. In addition, Baidu continues to speed up investment plans, as of the first quarter, has been released on the used-car business, car-sharing software company 51 car, day cars, catering IT systems vendors such as cloud, the company's lead investor.


  

Compare with analysts:


  

Baidu's revenue in the first quarter to 12.725 billion yuan (about US $ 2.053 billion), below the Thomson Reuters analysts expect 12.908 billion dollars; not in accordance with United States GAAP diluted earnings per share of metering to 7.58 Yuan (about 1.22 dollars) to Thomson Reuters, analysts expect 6.63 yuan. Meanwhile, Baidu has established performance expectations for the second quarter of this year, TheStreet view, Baidu compensates for this anticipated. The combined effect of these factors, Baidu after the day's share price fall, revenue in the first quarter than analysts expectations also dragged down share prices lower after one of the most important reasons.


  

Executive comment:


  

Robin Li, Baidu's Chairman and Chief Executive, said, "the first quarter of this year, moving the engines of business continuity, our mobile services contributed half of total revenue. ' Connecting people and services ' closed-loop model fundamentally redefine the search box. Baidu is the natural entrance of demand, the enormous potential in the mobile business, continue to release. Baidu's platform includes our technological superiority and maturity of market experience and will ensure that we are in the mobile space, O2O, and vertical services such as health care, education and financial areas of rapid development. ”


  

"We will continue to invest, to grasp the great opportunities in the mobile age", Baidu's Chief Financial Officer, Ms Li stressed that "we connect people and services to the company is satisfied with the current progress, and we will continue to attack in order to obtain greater market influence in life services. ”


  

Industry analysts believe that despite the rapidly changing business environment, Baidu business model continues to show a great deal of flexibility and vitality. Solid growth of Baidu's performance, not only to investors with confidence, but also for the future-oriented development, including innovative research and development and investment plans have provided strong support.


  

Earnings analysis:


  

Baidu's first-quarter total revenue reached 12.725 billion yuan (about US $ 2.053 billion), an increase of 34%.


  

Internet marketing revenues of 12.519 billion yuan (about US $ 2.019 billion), an increase of 33.5%. First quarter of 2015, Baidu about 524,000 number of active online marketing customers, roughly flat with the previous quarter, an increase of 17.5%. Baidu's first quarter from the average revenue per online marketing customer about 23,800 people Yuan (about us $ 3839), a 9.8% drop in the previous quarter, an increase of 13.9%.


  

Traffic acquisition costs (TAC) of 1.722 billion yuan (about us $ 277.7 million), accounted for 13.5% in total revenue, compared to 12.4% in the same period a year earlier, to 13.4% in the first quarter on, the growth was mainly due to increase in correlation between advertising.


  

Bandwidth cost is 849.6 million RMB (about US $ 137.1 million) in total revenue accounted for 6.7%, this is 6.8% from a year earlier; the depreciation cost of 582.4 million Yuan (about 94 million dollars) in total revenue accounted for 4.6%, 4.5% for the same period a year earlier.


  

Expenditure of 608.4 million Yuan (about us $ 98.1 million) in total revenue accounted for 4.8%, 4.1% for the same period a year earlier, to 4.2% in the first quarter on, increased costs associated with aiqi Arts business.


  

Selling, General and administrative expenses of 2.957 billion yuan (about 477 million dollars), an increase of 47.2%, fell by 16.1%, selling, General and administrative expenses rose, mainly due to increase in spending on promotion of mobile products and services.


  

Spending on research and development of 2.286 billion yuan (about 368.8 million dollars), an increase of 79.1%, rose 7.1%, the growth of spending on research and development, mainly because of the increased number of employees.


  

Equity award expenditures of 291.1 million Yuan (about 47 million US dollars), compared to 169 million Yuan, last quarter of 339 million Yuan, an increase is mainly due to the increase in equity awards to employees.


  

Operating profit of 2.155 billion yuan (about us $ 347.7 million), an increase of 9.2%; not included in the equity awards expenses (in accordance with United States generally accepted accounting principles), operating profit of 2.446 billion yuan (about us $ 394.6 million), down 3.8%.


  

Income tax expense amounted to 541 million Yuan (about US $ 87.3 million), compared to income tax expense of 430.3 million Yuan. Baidu's first-quarter effective tax rate was 20.7%, compared to 15.1% for the same period.


  

Due to 2.449 billion yuan in net profit ($ 395.1 million dollars), down 3.4%. Baidu's first-quarter United States depository per share basic and diluted earnings respectively 6.795 Yuan (about US $ 1.09) and 6.76 Yuan (about US $ 1.09).


  

Regardless of into equity award spending (not according to United States General accounting guidelines) net profit for Yuan 2.74 billion yuan (about collection 442.1 million dollars), compared growth 1.3%, regardless of into equity award spending (not according to United States General accounting guidelines) United States save supporting voucher each unit basic and assessment thin returns respectively for Yuan 7.62 Yuan (about collection 1.23 dollars) and Yuan 7.58 Yuan (about collection 1.22 dollars).


  

Cash balance:


  

As of March 31, 2015, the company held cash, cash equivalents and short-term investments amounted to 58.038 billion yuan (about 9.363 billion u.s. dollars). Baidu's first-quarter net cash flow from operations and capital expenditures respectively 2.839 billion yuan (about us $ 458.1 million) and 1.021 billion yuan (about US $ 164.8 million).


  

Baidu's first-quarter excluding equity award expenditures (not in accordance with United States generally accepted accounting principles) adjusted EBITDA (before interest, taxes, depreciation and amortisation profits) of 3.296 billion yuan (about us $ 531.7 million), up 2.4% from a year earlier.


  

Performance expectation:


  

In earnings, Baidu to 2015 looks forward to the results of the second quarter: expect second quarter of 2015, Baidu's revenue will be between 16.365 billion yuan (about 2.64 billion US dollars) to 16.75 billion yuan (about US $ 2.702 billion) between 36.5% to 39.7% more than 2014, while industry analysts ' average expectations for 16.65 billion yuan. This is expected based on the current status of the development, the future may be adjusted.


  

Stock performance:


  

In Wednesday's NASDAQ in regular trading, Baidu shares fell 0.19 cents, closing at $ 219, or 0.09%. Published in after-hours trading after the earnings above, Baidu shares fell 4.66 cents to $ 214.34 down 2.13%. In the past 52 weeks, Baidu's minimum share price of $ 148.44, the highest price of us $ 251.99.



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