Q4 2005 Results:
Total revenue rose 167.7% y-o-y to $14.2 million, and rose 29.2% sequentially. Consensus estimate was $12.98 million. Online marketing revenue rose 179.3% y-o-y to $13.8 million, and rose 30.1% sequentially. Traffic acquisition cost as a component of cost of revenues was $1.1 million, representing 7.8% of total revenue, compared to 7.0% in Q4 2004. Operating profit rose 137.1% y-o-y to $1.8 million, and rose 105.6% sequentially. Operating profit excluding share-based compensation expenses rose 124.6% y-o-y to $3.1 million, and rose 39.2% sequentially. Net income rose 285.6% y-o-y to $3.0 million, and rose 188.7% sequentially. Net income excluding share-based compensation expenses rose 208.3% y-o-y to $4.3 million, and rose 81.3% sequentially. Basic and diluted EPS were $0.09, above consensus estimate of $0.08. Basic and diluted EPS excluding share-based compensation expenses of $0.13.
Active online marketing customers during Q4 rose to over 63,000, an 18.6% sequential increase.
Q1 2006 Guidance:
Total revenue of $15.5 - $16.1 million, above consensus estimate of $13.71 million.
BIDU Price Performance: