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Baidu fourth quarter net profit of 640 million US dollars increased by 1%

via:博客园     time:2018/2/14 9:34:22     readed:40

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Tencent Technology News, Beijing on February 14 (US Eastern Time on February 13), Baidu announced fourth quarter and full year 2017 unaudited financial report. Baidu revenue for the quarter was 23.6 billion yuan (about 3.62 billion US dollars), an increase of 29%, of which mobile revenue accounted for 76%; net profit of 4.2 billion yuan (about 639 million US dollars), with the previous year An increase of 1% over the same period. Total revenue in 2017 was RMB84.8 billion (about US $ 13.03 billion), an increase of 20% over the same period of last year.

"In 2017, Baidu is more strategically focused and its" AI Preceding "mobile business and AI new business both maintain strong momentum of development while our management team is further enhanced. & rdquo; Baidu chairman and CEO Robin Li said, "2018, we will continue to strengthen the search business based on AI technology to further promote the growth of information flow business and Iqiyi's differentiated competitiveness. In 2017, Apollo and DuerOS have made tremendous progress. In the future, we will further strengthen our leading position in the field of automatic driving and voice interaction. & rdquo;

Lu Qi, Baidu's Vice Chairman, Group President and COO, said: "We are continuously enhancing user engagement with Baidu's core products and boosting our customers' advertising effectiveness on Baidu through AI technology. AI business, the release of Apollo 2.0 and DuerOS 2.0 at 2017 CES (International Consumer Electronics Show) and Baidu World Congress has aroused widespread concern at home and abroad. In the future, we will continue to devote ourselves to expanding the cooperation between the two major open eco-partners and developers plan. & rdquo;

Baidu CFO Yu Zhengjun said: "The fourth quarter, the company achieved steady results, revenue 23.6 billion yuan up 29%, higher than expected. In 2018, we will continue to adhere to the strategy of divesting non-core businesses and increasing investment in Baidu's mobile services and new AI businesses. We firmly believe that this strategy will continue to strengthen Baidu's leading position in the technology industry and lay a solid foundation for Baidu's development in the areas of autonomous driving interactive and interactive AI platforms especially in the field of smart home. & rdquo;

Fourth quarter, search results page coverage of high-quality video content up to 15%. The daily distribution volume of information flow business increased by more than 20% quarter-on-quarter, while the total usage of Baidu App users increased by about 30% over the same period last year. At the same time, the content creators of the 100s rose from 200,000 in early 2017 to 1 million.

iResearch data show that in December 2017 iQiyi PC-side and mobile-side daily users reached 76 million and 158 million, the average monthly up to 408 billion minutes online, an increase of 22%. Recently, iQIYI has filed a listing application with the U.S. Securities and Exchange Commission. After the listing, Baidu will remain the controlling shareholder of iQiyi.

Earnings report, Baidu outlook for the next quarter outlook: It is estimated that in the first quarter of 2018, Baidu's total net income will be between 198.6 billion yuan (about 3.05 billion US dollars) to 209.7 billion yuan (about 32.2 100 million U.S. dollars), an increase of 25% to 32%. The impact of removing Baidu mobile games and Baidu takeaway increased 29% to 36% from a year earlier. The outlook represents only the preliminary forecast based on the current situation and does not exclude the possibility of future adjustments.

With effect from January 1, 2018, Baidu will adopt the new accounting standard (ASC 606). The most significant impact will be the reclassification of VAT from revenue costs to net income. If the new accounting standards in addition to value-added tax, 2017 fiscal year revenue will be lower than the current 5.6%. The above forecast is based on Baidu's new accounting standards. According to the applicable income guidelines for 2017, the total revenue of the first quarter of 2018 is expected to be between RMB21.05bn (US $ 3.24bn) and RMB22.23bn (US $ 3.42bn), up 25% YoY 32%.

The following is the full version of Baidu earnings report:

The fourth quarter of the main performance:

- Baidu fourth quarter total revenue of 23.6 billion yuan (about 3.62 billion US dollars), an increase of 29%. Baidu mobile revenue in the fourth quarter accounted for 76% of total revenue, compared with 65% over the same period the previous year.

- Baidu fourth quarter operating profit of 4.8 billion yuan (about 734 million U.S. dollars), an increase of 118%; operating profit margin of 20%, higher than 12% over the same period last year. Not in accordance with GAAP, Baidu fourth quarter operating profit of 5.8 billion yuan (about 884 million US dollars), an increase of 104%; not in accordance with GAAP, operating margin of 24%, higher than the same period last year Of the 15%. Not in accordance with GAAP, Iqiyi Baidu operating profit margin in the fourth quarter decreased by 12 percentage points.

- Baidu fourth quarter net profit of 4.2 billion yuan (about 639 million US dollars), an increase of 1%. Baidu fourth quarter diluted earnings per ADS of 12 yuan (about 1.90 US dollars). Excluding share-based compensation expenses (excluding GAAP), Baidu's fourth-quarter net profit was RMB5.2 billion (about US $ 804 million), an increase of 14% over the same period of last year. Excluding share-based compensation expense (not in accordance with GAAP), fourth-quarter diluted ADS diluted earnings per share were RMB15 (US $ 2.29).

2017 Key Performance:

- Baidu's total revenue in 2017 was 84.8 billion yuan (about 13.3 billion U.S. dollars), an increase of 20% over the previous year. Baidu mobile revenue in 2017 accounted for 73% of total revenue, compared with 63% in the same period of last year.

- Baidu's operating profit in 2017 was RMB15.7bn (US $ 2.41bn), an increase of 56% over the same period of last year; operating profit margin was 19%, up from 14% in the same period of previous year. Not in accordance with GAAP, Baidu's operating profit in 2017 was RMB18.9 billion (US $ 2.91 billion), an increase of 56% over the same period of previous year. Operating profit margin was 19% lower than GAAP, higher than the same period of previous year 14%. Not in accordance with GAAP, Iqiyi Baidu operating profit margin in the fourth quarter decreased by 11 percentage points.

- Baidu's net profit in 2017 was Rmb18.3bn (US $ 2.81bn), an increase of 57% over the same period of last year. Baidu's 2017 diluted earnings per ADS was RMB 52 (about US $ 8.06). Excluding share-based compensation expense (not in accordance with GAAP), Baidu's net profit for 2017 was RMB22.3 billion (US $ 3.42 billion), an increase of 68% over the same period of last year. Excluding share-based compensation expenses (excluding GAAP), Baidu's diluted earnings per ADS for 2016 are RMB64 (approximately US $ 9.79).

Fourth Quarter Financial Analysis:

Baidu fourth quarter total revenue of 23.6 billion yuan (about 3.62 billion US dollars), an increase of 29%. Baidu mobile revenue in the fourth quarter accounted for 76% of total revenue, compared with 65% over the same period the previous year.

Baidu fourth quarter online marketing revenue of 20.4 billion yuan (about 3.14 billion US dollars), an increase of 26%. Baidu fourth quarter active network marketing customer number is about 460,000, grow 2% compared to the same period. In the fourth quarter, Baidu's average revenue from each Internet marketing customer was approximately 44,300 yuan (about 6,800 U.S. dollars), an increase of 25% over the same period of last year.

Baidu's fourth quarter acquisition cost (TAC) was 2.5 billion yuan (about 387 million U.S. dollars), accounting for 10.7% of total revenue, compared with 14.5% for the same period of last year.

Baidu fourth quarter bandwidth costs were 1.4 billion yuan (about 215 million US dollars), accounting for 5.9% of total revenue, compared with 6.8% over the same period of previous year; depreciation cost of 885 million yuan About 136 million U.S. dollars), accounting for 3.8% of the total revenue, compared with 4.5% in the same period of last year.

Baidu fourth quarter operating costs of 1.1 billion yuan (about 174 million US dollars), the proportion of total revenue was 4.8%, compared with 6.5% in the same period a year earlier.

Baidu fourth quarter content costs were 3.8 billion yuan (about 577 million US dollars), accounting for 15.9% of total revenue, compared with 14.1% a year earlier. The year-on-year increase of Baidu's content costs was mainly due to the increase in the content costs of its Iqiyi sector.

Baidu fourth quarter sales, general and administrative expenses of 3.6 billion yuan (about 558 million US dollars), an increase of 9%.

Baidu fourth quarter R & D expenditure of 3.7 billion yuan (about 569 million US dollars), an increase of 25%, mainly due to R & D personnel-related spending growth.

Baidu fourth quarter equity incentive expenses of 977 million yuan (about 150 million US dollars), a year earlier to 632 million yuan.

Baidu fourth quarter operating profit of 4.8 billion yuan (about 734 million US dollars), an increase of 118%; operating profit margin of 20%, higher than 12% over the same period last year. Not in accordance with GAAP, Baidu fourth quarter operating profit of 5.8 billion yuan (about 884 million US dollars), an increase of 104%; not in accordance with GAAP, operating margin of 24%, higher than the same period last year Of the 15%. Not in accordance with GAAP, Iqiyi Baidu operating profit margin in the fourth quarter decreased by 12 percentage points.

Baidu's fourth-quarter income tax expense was 929 million yuan (about 143 million U.S. dollars), compared with a net profit of 401 million yuan for the same period of last year. Baidu fourth quarter effective tax rate of 18%, 9% a year earlier.

Baidu fourth quarter net profit of 4.2 billion yuan (about 639 million US dollars), an increase of 1%. Baidu fourth quarter diluted earnings per ADS of 12 yuan (about 1.90 US dollars). Excluding share-based compensation expenses (excluding GAAP), Baidu's fourth-quarter net profit was RMB5.2 billion (about US $ 804 million), an increase of 14% over the same period of last year. Excluding share-based compensation expense (not in accordance with GAAP), fourth-quarter diluted ADS diluted earnings per share were RMB15 (US $ 2.29).

As of December 31, 2017, the total cash, cash equivalents and short-term investments held by Baidu amounted to RMB100.5 billion (about USD15.44 billion). Baidu fourth quarter net operating cash flow and capital expenditures were 10 billion yuan (about 1.53 billion US dollars) and 1.2 billion yuan (about 183 million US dollars).

2017 results analysis:

Baidu's total revenue in 2017 was 84.8 billion yuan (about 13.3 billion U.S. dollars), up 20% over the previous year. Baidu mobile revenue in 2017 accounted for 73% of total revenue, compared with 63% in the same period of last year.

Baidu's network marketing revenue in 2017 was 73.1 billion yuan (about 11.24 billion U.S. dollars), an increase of 13% over the same period of last year. Baidu's active online marketing customers in 2017 was approximately 775,000, an increase of 13% over the same period of last year. Baidu's average revenue from each Internet marketing customer in 2017 was approximately RMB 93,500 (approximately US $ 143,710), an increase of 43% over the same period of last year.

Baidu's traffic acquisition cost (TAC) for 2017 was 9.7 billion yuan (about 1.48 billion U.S. dollars), accounting for 11.4% of total revenues, compared with 14.7% for the same period of last year.

Baidu's bandwidth cost in 2017 was 5.6 billion yuan (about 854 million U.S. dollars), accounting for 6.6% of its total revenue, compared with 6.7% in the same period of last year. The depreciation cost was 3.4 billion yuan Or 521 million U.S. dollars), accounting for 4.0% of the total revenue, compared with 4.4% in the same period of last year.

Baidu's operating cost in 2017 was 4.7 billion yuan (about 722 million U.S. dollars), accounting for 5.5% of total revenue, compared with 6.3% in the same period of previous year.

Baidu's content cost for 2017 was Rmb13.4bn (US $ 2.06bn), accounting for 15.8% of total revenues, compared with 11.1% for the same period last year. The year-on-year increase of Baidu's content costs was mainly due to the increase in the content costs of its Iqiyi sector.

Baidu's sales, general affairs and administrative expenses in 2017 amounted to RMB13.1 billion (about US $ 2.02 billion), a decrease of 13% over the same period of last year.

Baidu's R & D spending in 2017 was Rmb12.9bn (US $ 1.99bn), an increase of 27% over the same period last year, due mainly to higher R & D-related expenditures.

Baidu's share-based compensation expense for 2017 was 3.2 billion yuan (about 4.99 billion U.S. dollars), up from 1.8 billion yuan in the same period of previous year.

Baidu's operating profit in 2017 was RMB15.7 billion (about USD2.41 billion), an increase of 56% over the same period of previous year; operating profit margin was 19%, up from 14% of the same period of previous year. Not in accordance with GAAP, Baidu's operating profit in 2017 was RMB18.9 billion (US $ 2.91 billion), an increase of 56% over the same period of previous year. Operating profit margin was 19% lower than GAAP, higher than the same period of previous year 14%. Not in accordance with GAAP, Iqiyi Baidu operating profit margin in the fourth quarter decreased by 11 percentage points.

Baidu's income tax expense for 2017 was 3 billion yuan (about 460 million U.S. dollars), as compared with 2.9 billion yuan for the same period of last year. Baidu 2017 effective tax rate of 14%, a year earlier to 20%.

Baidu's net profit for 2017 was Rmb18.3bn (US $ 2.81bn), an increase of 57% over the same period of last year. Baidu's 2017 diluted earnings per ADS was RMB 52 (about US $ 8.06). Excluding share-based compensation expense (not in accordance with GAAP), Baidu's net profit for 2017 was RMB22.3 billion (US $ 3.42 billion), an increase of 68% over the same period of last year. Excluding share-based compensation expenses (excluding GAAP), Baidu's diluted earnings per ADS for 2016 are RMB64 (approximately US $ 9.79).

Performance Outlook:

Baidu expects first quarter fiscal first quarter of fiscal year total revenue of 198.6 billion yuan (about 3.05 billion US dollars) to 20.97 billion yuan (about 3.22 billion US dollars), an increase of 25% to 32%. Excluding the effects of stripped assets such as mobile games and Baidu Takeaway, this expectation represents 29% to 36% YoY growth. Baidu forecast for the first quarter results only represent the current and preliminary views, the future may be adjusted.

Price performance:

Shares in Baidu rose 3.96 U.S. dollars, or 1.79 percent, in regular trading on the Nasdaq Stock Market Tuesday to close at 225.60 U.S. dollars. In the ensuing after-hours trading, to press time, Baidu shares rose 11.15 US dollars, or 4.94%, share price of 236.75 US dollars. In the past 52 weeks, Baidu lowest stock price is 166.00 dollars, the highest stock price is 274.97 dollars. According to Tuesday's closing price calculation, Baidu's market value of about 78.334 billion US dollars.

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