Baidu (BIDU) released the fiscal 2012 first quarter financial results ended May 31, 2012 in the after-hours trading session.
The results show 2012 Q1 revenue of $677.1 million (4.262 billion yuan), an increase of 75% year on year.
Operating profit of $332.1 million (2.091 billion yuan), up by 75.1% compared with a year ago.
Earings attributed to Baidu of $299 million (1.883 billion yuan), up by 75.9% compared with a year ago. Diluted earnings per ADS of $0.85 (5.38 yuan); excluding equity amortization, earnings per ADS of $0.87 (5.48 yuan), on the basis of non-GAAP.
Traffic acquisition cost (TAC) of $52.6 million (331.3 million yuan), accounting for 7.8% of the total revenue, an increase of 8.2% compared with the same period last year and an increase of 7.9% month on month.
Bandwidth cost of $35.4 million (222.6 million yuan), accounting for 5.2% of the total revenue, compared to 5.0% in the same period last year.
Sales, administrative expenses of $ 76 million (478.5 million yuan), an increase of 43.9%, compared with a year ago, mainly due to the increase in the costs associated with human resources.
R&D expenses of $70.4 million (443.2 million yuan), an increase of 85.2% over last year Q1, mainly due to the increase in staffs.
Baidu expected the 2012 Q2 revenue of between $847.2 million (5.335 billion yuan) and $867 million (5.46 billion yuan), representing an increase of 56.2% to 59.9%, compared with the same period last year. This estimate is the bottom of the Wall Street analyst expectations.
Affected by the slowdown in Q2 expectation, BIDU stock price (ADS) plunged 9.46% in the after-hours trading. BIDU stock price lost 2.74% in the regular trading session today.