Baidu.com Inc. (BIDU-NASDAQ) is rocking in after-hours trading. Revenues came in at $35.7 million (adjusted from RMB275.6 million-Chinese currency) and net income came in at $0.37 non-GAAP diluted EPS equivalent. The estimates were only $34.4 million revenues & $0.33 EPS. The number of active online marketing customers during the first quarter grew to over 112,000, an increase of 3.7% sequentially.
Traffic acquisition costs (TAC) as a component of cost of revenues was RMB28.3 million ($3.7 million), representing 10.3% of total revenues, compared to 9.1% in the corresponding period in 2006 (increase from Baidu Union). In April 2007, Baidu accepted the resignation of Mr. David Zhu, Chief Operating Officer, effective as of June 30, 2007. Mr. Zhu has decided to resign for personal reasons.
Outlook for Second Quarter 2007: Baidu expects revenues in an amount ranging from RMB378 million ($48.9 million) to RMB388 million ($50.2 million) VERSUS $44.4 Million estimates. That’s going to keep some people happy. Shares closed up more than 4% at $109.37 today, but shares are up more than 20% to $130.00+ in after-hours. The 52-week trading range is $57.00 to $134.10.
Jon C. Ogg
April 26, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
Top Gaining Stocks
Top Losing Stocks