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More on Baidu: Revenue/ad customer -6.5% Q/Q and +9% Y/Y to $2,335; that's on top of a 3.1% Q/Q...

More on Baidu: Revenue/ad customer -6.5% Q/Q and +9% Y/Y to $2,335; that's on top of a 3.1% Q/Q drop in Q4, and (along with the rev. miss) likely to raise concerns about mobile and competition. Online customers totaled  410K, +28% Y/Y but only +1% Q/Q. Traffic acquisition costs up to 10.2% of revenue from 9.6% in Q4 and 7.8% in Q1 '12, blamed on higher ad network mix and hao123 toolbar promotions. SG&A spend +77%, R&D +83%; both well above rev. growth of 40%. Bandwidth costs 6.8% of revenue, up from 5.3% in Q4 and 5.2% in Q1 '12. Mobile search daily users above 100M, up 25%+ Q/Q. BIDU -6.7% AH. CC at 8PM ET (webcast). (PR)
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