The leading Chinese language Internet search provider Baidu has just announced its unaudited financial results for the first quarter ended March 31, 2012. Total revenues in the first quarter of 2012 were RMB4.264 billion ($677.1 million), a 75.0% increase from the corresponding period in 2011. Operating profit in the first quarter of 2012 was RMB2.091 billion ($332.1 million), a 75.1% increase from the corresponding period in 2011.
Net income attributable to Baidu in the first quarter of 2012 was RMB1.883 billion ($299.0 million), a 75.9% increase from the corresponding period in 2011. Diluted earnings attributable to Baidu per ADS for the first quarter of 2012 were RMB5.38($0.85); diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses (non-GAAP) for the first quarter of 2012 were RMB5.48 ($0.87).
“We’ve started the year with solid financial results and steady business progress,” said Robin Li, chairman and chief executive officer of Baidu. “Although this is usually a seasonally slow quarter, our effective sales and marketing efforts enabled us to expand our SME customer base significantly.” Mr. Li continued, “China’s Internet landscape is evolving quickly and we are very excited about fast-emerging opportunities in areas such as mobile and Cloud Computing. We believe that Baidu is uniquely positioned to capture this immense growth potential in the Chinese online market.”