Baidu.com, Inc. (BIDU) Reports Q2 2013 Profits Of $430.8 Million
Baidu.com, Inc. (NASDAQ:BIDU) reported their financials for the quarter this year. The company has reported that their Q2 2013 profit has fallen 4.5% year-over-year to $430.8 million. However, mobile revenues hit 10% of revenues for the first time at the company. The company saw a 38.6% increase in revenues at RMB7.56 billion ($1.23 billion) compared to the same period a year earlier, which means that Baidu’s mobile revenues were around $123 million. This is higher than Qihoo’s entire revenues of $109.9 million for Q1 2013.
Baidu.com added 58,000 online active customers. The company increased their promotional expenses for their products to gain more subscribers. Selling, general, and administrative expenses increased 83.5% year-over-year to RMB1.08 billion ($175.7 million).
Baidu.com acquired a third party application distribution platform called 91 Wireless earlier this month for a price of $1.9 billion. The company also acquired PPS Video for $370 million. “We will continue to invest aggressively and remain committed to building long-term value for our shareholders,” stated Baidu chief financial officer Jennifer Li.