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Earnings: Baidu Q1 Revs More Than Double; Income Up 71.5 Percent

This story was written by Joseph Weisenthal.
Chinese search engine Baidu (NSDQ: BIDU) reported Q1 revenue of $81.9 million, a 108.4 percent increase over the year-ago quarter. Net income growth was up on a similar trajectory, gaining 71.5 percent to $20.9 million ($.60 per share). Traffic acquisition costs grew to 13.3 percent of revenue, a tick up from 10.3 percent a year ago. Looking into the second quarter, the company sees revenue of $111-$114 million, for growth of 94-99 percent year-over-year. On a sequential basis, that represents 36 percent growthit's no mystery why Google (NSDQ: GOOG) wants a slice of this market so bad. Release

By Joseph Weisenthal