6-K
BAIDU, INC. filed this Form 6-K on 07/28/2017
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Selling, general and administrative expenses were RMB2.934 billion ($433 million), representing a decrease of 30.1% from the corresponding period in 2016, primarily due to a decrease in promotional spending.

Research and development expenses were RMB3.148 billion ($464 million), representing a 27.7% increase from the corresponding period in 2016. The increase was primarily due to the growth of research and development personnel-related costs.

Share-based compensation expenses, which were allocated to related operating costs and expense line items, were RMB796 million ($117 million) in the second quarter of 2017, compared to RMB401 million in the corresponding period in 2016.

Operating profit was RMB4.210 billion ($621 million), representing a 46.9% increase from the corresponding period in 2016. Non-GAAP operating profit was RMB5.006 billion ($738 million), representing a 53.2% increase from the corresponding period in 2016.

Income tax expense was RMB564 million ($83 million), compared to RMB793 million in the corresponding period in 2016. The effective tax rate for the second quarter of 2017 was 11.3% as compared to 24.8% for the corresponding period in 2016. The decrease in the effective tax rate was due to the preferential tax status that was granted to certain PRC subsidiaries in the second quarter of 2017.

Net income attributable to Baidu was RMB4.415 billion ($651 million), representing an 82.9% increase from the corresponding period in 2016. Basic and diluted earnings per ADS5 for the second quarter of 2017 amounted to RMB11.36 ($1.68) and RMB11.31 ($1.67), respectively.

Non-GAAP net income attributable to Baidu was RMB5.571 billion ($822 million), a 98.4% increase from the corresponding period in 2016. Non-GAAP diluted earnings per ADS for the second quarter of 2017 amounted to RMB16.00 ($2.36).

As of June 30, 2017, the Company had cash, cash equivalents and short-term investments of RMB92.152 billion ($13.593 billion). Net operating cash inflow for the second quarter of 2017 was RMB6.626 billion ($977 million). Capital expenditures for the second quarter of 2017 were RMB1.125 billion ($166 million).

Adjusted EBITDA was RMB6.008 billion ($886 million) for the second quarter of 2017, representing a 41.4% increase from the corresponding period in 2016.

 

5  Basic and diluted earnings per ADS was reduced by RMB1.38 ($0.20) and RMB1.37 ($0.20), respectively, due to the accretion of the redeemable non-controlling interests.