After Google's threat to withdraw from China last month, advertisers more confidence in search engines main local rival Baidu.com, Baidu said Tuesday."We see the market is our customers - our partners the confidence level Baidu [is] certainly higher, and we think we can benefit from," said Robin Li, Baidu's CEO, calling the company's latest financial performance.
Baidu reported sharply higher revenues and net profit of the last three months compared to last year earlier. However, the income figure slightly lower than the previous quarter, and forecast revenue growth will remain basically the same as in the first quarter of this year. The company did not change, factors that could send more business methods, such as Google's plan to stop in China, review of search. Baidu also pointed out that it is switching to a new advertiser bidding system, which dragged down its earnings in the last quarter, the impact can keep the results.
Google, it has a distant second place with Baidu in China's search market last month said it plans to stop censoring search results, the Chinese search engine, even if it means forced to leave the country. Analysts said the move will help promote the other search engines in China.
Google did not immediately reply to requests for comment.
Baidu's Switch to phoenix nest advertising system to achieve income is less than expected last quarter, but more revenue from the system may not come until later in the current quarter, the Shen Hao Yu, said the company's senior vice president and business.
The switch hit the revenue as the old advertising system, stop that not all users may have been ready for change. Baidu said it would continue its efforts to educate advertisers on the new system.
"On one hand the transition, largely behind us ... On the other hand, I think the learning curve for some users is still steep slopes," Shen Guofang said.
Baidu revenue 1.26 billion yuan (U.S. dollars, 184 U.S. dollars million), in the fourth quarter, an increase of nearly 40 percent from a year earlier. Its net profit 428 million yuan, an increase of nearly 50 percent from a year earlier.
However, these figures are down slightly compared to the previous quarter, a decline in revenue and net profit fell 13 percent. Baidu expects revenue to be flat in the first quarter of 2010, about 1.2 billion yuan.
Baidu reported total revenues of 445 million yuan last year, and net income of nearly 150 million yuan. These two figures were almost 40 percent from 2008.
(IDG parent company of IDG News Service is a Baidu investors.)
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