Baidu's Q2 profit jumps nearly 83%, revenue up 14%

News Broadband China 28 JUL 2017
Baidu's Q2 profit jumps nearly 83%, revenue up 14%
Chinese internet giant Baidu reported total revenues of CNY 20.8 billion (approximately USD 3 billion) for the second quarter of 2017, which represents an increase of 14.3 percent year-on-year. Net income reached CNY 4.4 billion (approximately USD 651 million), up 82.9 percent year-on-year.

Online marketing revenues for the second quarter of 2017 amounted to CNY 17.8 billion, up 5.6 percent from the year-earlier period. Baidu had about 470,000 active online marketing customers in the second quarter, representing a 20.9 percent decline year-on-year. Baidu ended June with cash, cash equivalents and short-term investments of CNY 92.1 billion.

Net operating cash inflow for the second quarter of 2017 was CNY 6.6 billion, while capex reached CNY 1.1 billion. Adjusted EBITDA totaled CNY 6 billion for this year’s second quarter, which represents a growth of 41.4 percent compared to the second quarter of 2016. 

Baidu expects to reach total revenues ranging between CNY 23.1 billion (approximately USD 3.4 billion) and CNY 23.7 billion for the third quarter of 2017, representing an annual increase of 26.7 percent to 30.1 percent. Excluding mobile games from Baidu's financials, the guidance represents a 29.1 percent to 32.6 percent year-over-year increase.

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