Beijing, 13th February: Baidu, the leading search engine in China, recently released its results for the quarter ended 31st December 2017 and the financial year 2017. In the fourth quarter, revenues were US$3.6 billion, a year-on-year 29% increase. Operating profits jumped 118% reaching US$734 million.
For the year ended 31st December, Baidu reported total revenues of US$13 billion, up 20% from 2016. Meanwhile, operating profits grew 56% to US$2.4 billion. Diluted earnings per share for the year were RMB 52.41 (US$8.06).
Over 86% of Baidu’s revenues were generated from its online marketing services. During 2017, the company recorded approximately 795,000 active online marketing customers – that is a 21% decrease compared with 2016. However, revenue per online marketing customer increased by 43%, amounting to US$14,371.
Baidu also announced plans to list its online video subsidiary, iQIYI. Baidu has reportedly submitted a draft registration statement to the U.S. Securities and Exchange Commission to facilitate this listing.
Robin Li, Chairman and CEO of Baidu, commented “In 2017, Baidu sharpened its strategic focus. We strengthened our management team and built strong momentum by adopting AI-first in our mobile businesses and investing in new AI businesses. As we enter 2018, we will continue to strengthen Baidu’s search business, fuel feed’s growth and differentiate iQIYI with AI. We also look forward to further strengthening our position in autonomous driving and conversational AI.”