Baidu Logs Another Quarter of 100% YoY Bottom Line Growth
Baidu's (Nasdaq:BIDU) net income grew 112.4% y-o-y to RMB 1.05 billion in the third quarter of 2010, corresponding to diluted earnings per ADS of RMB 3.00, the company announced on October 22. Total revenues came in at the top end of its previously guided range at RMB 2.26 billion, up 76.4% y-o-y. Revenue per online marketing customer rose 40.7% y-o-y, or 10.7% q-o-q to RMB 8,300, as active online marketing customers jumped 25.9% y-o-y and 7.1% q-o-q to 272,000, the report said.
Traffic acquisition cost (TAC), as a component of cost of revenues in Q3, was RMB 201.7 million, falling to 8.9% of total revenues compared with 15.3% in the year-ago period and 9.7% in the prior quarter, due to faster organic traffic growth during the quarter, the report said.
Baidu forecasts fourth quarter revenues of RMB 2.37 billion to RMB 2.44 billion, representing an 88-93.5% y-o-y growth, the company said.