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 Stock watch －－- Baidu (today's price at $68.25) |
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Who
头衔: 海归准将
加入时间: 2005/05/18
文章: 861
海归分: 109404
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作者：Who 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Shares of Baidu.com Plunge After Earnings
Thursday October 27, 6:24 pm ET
By Joe Mcdonald, Associated Press Writer
BEIJING (AP) －－ Shares of Baidu.com Inc. plunged Thursday after the Internet company posted quarterly earnings that beat analysts' expectations but still disappointed investors who had bet on even faster growth for the biggest online portal in the booming Chinese market.
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The company reported earnings of 8.5 million yuan ($1.06 million) during the quarter ending Sept. 30 －－ nearly triple the net income of 2.9 million yuan from the same period a year ago.
Baidu said that if not for stock compensation expenses, it would have earned 19.3 million yuan ($2.4 million), or 0.59 yuan (7 cents) per share. That was a penny above the consensus estimate among analysts polled by Thomson Financial.
Revenue for the quarter totaled 88.9 million yuan ($11 million), nearly tripling from 32.4 million yuan last year. Excluding the commission that Baidu paid to its advertising partners, the company's revenue stood at 83.2 million yuan ($10.7 million). That figure also topped the consensus analyst estimate of $9.3 million.
"Our growth momentum and financial performance have exceeded our original expectations," said Baidu CEO and co-founder Robin Li during a conference call with financial analysts.
However, in Thursday trading on the Nasdaq Stock Market, Baidu's U.S. shares fell $10.70, or 13 percent, to close at $70.35. The stock is well off its record high of $153.98 hit on Aug. 8, but still more than twice its initial public offering price of $27.
Baidu surged to prominence with its listing on the Nasdaq in August, when shares quadrupled in value on their first trading day. Investors scrambled for a stake in what many hoped would become the Chinese-language version of the immensely successful Google Inc., which bought 2.6 percent of Baidu last year.
China already has the world's second-largest population of Internet users, with more than 100 million people online. And Li noted that China, whose government is aggressively promoting Internet use, still has only 8 percent of its people online, compared with some 70 percent in the United States.
"We are benefiting from the explosive yet long-lasting growth of the Internet market in China," Li said. "We're very pleased with the pace of customer expansion."
But even though the results beat analysts' expectations, they failed to impress investors who saw Google's last quarterly profit increase more than sevenfold.
Investors were put off by a sharp fall in Baidu's profit margin after a robust quarter just before its IPO, said Kum Kong Chan, a technology analyst for Nomura Securities in Shanghai.
"Following Google's strong results, expectations ran high," Kum said. "The bottom line didn't follow through."
Baidu said it had heavier expenses than usual in the quarter as it expanded its staff to about 1,000 from 700 and opened a data center in Beijing and a sales office in southern China.
Li said that since its IPO, the company also has launched a joint research effort with elite Peking University to study Internet use.
"I get the sense that the company's positioning themselves for future growth. They have a lot of cash on hand, and probably are a lot more willing to spend," said Kum. "The company is still young, still in the nascent stage. There's a lot of growth potential."
Baidu management forecast fourth-quarter revenue will be between 102 million yuan ($12.6 million) and 106 million yuan ($13.1 million). That exceeded the consensus estimate for the fourth quarter of $10.8 million, according to Thomson Financial.
Like Google, Baidu makes most of its money from the ads surrounding a popular search engine.
Investment bank Piper Jaffray expects annual revenues from such sponsored search in China to reach $1 billion by 2010, up from $134 million now.
Daily searches by Chinese Internet users are expected to jump from 360 million this year to 816 million in 2007.
作者：Who 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 Stock watch －－- Baidu (today's price at $68.25) -- Who - (4056 Byte) 2005-11-04 周五, 06:49 (1020 reads)
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