Seeking Alpha

Baidu +5% AH on Q1 beat, strong guidance; peers also higher

  • Baidu (BIDU) expects Q2 revenue of RMB11.82B-RMB-12.11B ($1.901B-$1.948B), above a consensus of RMB11.55B.
  • Revenue growth accelerated to 59.1% in Q1 from 50.4% in Q4. Online ad customers fell 1.1% Q/Q to 446K after falling 2.8% in Q4, but revenue per ad customer remained steady Q/Q and rose 44.1% Y/Y to RMB20.9K ($3,362).
  • As promised, Baidu continues to invest aggressively: SG&A spend soared 136.9% Y/Y to $323.2M, thanks in large to mobile promotional efforts. R&D spend rose 57.5% to $205.4M.
  • Traffic acquisition costs rose to 12.4% of revenue from 12.3% in Q4 and 10.2% a year ago. Content costs (fueled by online video licensing) rose to 4.1% of revenue from 3.8% in Q4 and 1.6% a year ago.
  • Up in sympathy: SINA +1.6%. SOHU +1%. QIHU +2.6%. YY +1.1%. WB +1.5%. YOKU +1.7%.
  • Q1 results, PR

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Comments (2)
  • Investing Doc
    , contributor
    Comments (832) | Send Message
     
    Should've bought more when it was in the $140's... Darn it.
    24 Apr 2014, 06:07 PM Reply Like
  • hughesrd
    , contributor
    Comments (176) | Send Message
     
    Should've bought more when it was $86 before the 10:1 split...Gosh darn it to heck and back again. :-)
    24 Apr 2014, 11:41 PM Reply Like
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