Baidu.com (BIDU), the leading Chinese language search engine, hit a new 52-week high of $108.28. Baidu’s was established in 2000 by co- founders, Robin Li and Eric Xu and the initial public offering was August 5, 2005 opening at $66 per share. Baidu recently announced a multi-year agreement with eBay’s China arm, EachNet, to cooperate in advertising, on-line payment and a co-branded toolbar.
“Baidu’s local know-how and attentive customer service create barriers for its competitors,” wrote WR Hambrecht analyst James Lee in a note to investors. Lee initiated coverage of Baidu with a “Buy” rating and a $130 price target. “We feel that Baidu was able to extend its lead over its peers by leveraging its strong sales support to advertisers and/or agencies,” Lee wrote. “This customer-centric strategy enables advertisers to get greater control of their marketing programs, thus creating demand for Baidu’s services over its competitors.”
Source: Forbes
David Temple
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Thanks a lot, a growth rate is quite impressive!
Itman, pretty strong financial growth as well as increasing market share to 50%. Don’t know about Yandex or Google but this is a tough act to follow.
Third Quarter 2006 Highlights
Total revenues increased by 24.9% sequentially or 169.1% year-over-year to RMB239.3 million ($30.3 million).
Net income increased by 45.8% sequentially or 902.5% year-over-year to RMB85.3 million ($10.8 million).
The number of active online marketing customers grew to more than 10 2,000, a 13.3% increase from the previous quarter.â€
Second Quarter 2006 Highlights
Total revenues increased by 41.3% sequentially or 174.9% year-over-year to RMB191.6 million ($24.0 million).
Net income increased by 65.9% sequentially or 385.2% year-over-year to RMB58.5 million ($7.3 million).
The number of active online marketing customers grew to more than 90,000, an increase of 21.6% from the previous quarter.â€
First Quarter 2006 Highlights
* Total revenues increased by 18.0% sequentially or 196.8% year-over-year to RMB135.6 million ($16.9 million).
Net income increased by 43.5% sequentially or 1309.0% year-over-year to RMB35.2 million ($4.4 million).
Dear David! Have they released Q1, Q2 or Q3 results data? It is interesting to compare them against Russian Yandex and American Google.