6-K
BAIDU, INC. filed this Form 6-K on 02/14/2018
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Share-based compensation expenses, which were allocated to related operating costs and expense line items, were RMB 977 million ($150 million), compared to RMB 632 million in the fourth quarter of 2016.

Operating profit was RMB 4.8 billion ($734 million), representing a 118% increase year over year. Non-GAAP operating profit was RMB 5.8 billion ($884 million), representing a 104% increase year over year.

Other loss, net was RMB 294 million ($45 million). Other income, net was RMB 1.8 billion in the fourth quarter of 2016, which mainly consisted of the investment gain recognized as a result of Baidu’s exchange of Uber China shares with Didi.

Income tax expense was RMB 929 million ($143 million), compared to income tax expense of RMB 401 million in the fourth quarter of 2016. Effective tax rate was 18%, compared to 9% for the fourth quarter of 2016. The increase in the effective tax rate was mainly due to tax refund received in Q4 2016, as a result of newly granted preferential tax licenses for certain PRC subsidiaries.

Net income attributable to Baidu was RMB 4.2 billion ($639 million), representing a 1% increase year over year. Diluted earnings per ADS amounted to RMB 12 ($1.90). Non-GAAP net income attributable to Baidu was RMB 5.2 billion ($804 million), a 14% increase year over year. Non-GAAP diluted earnings per ADS amounted to RMB 15 ($2.29).

As of December 31, 2017, the Company had cash, cash equivalents and short-term investments of RMB 100.5 billion ($15.44 billion). Net operating cash inflow was RMB 10.0 billion ($1.53 billion) and capital expenditures were RMB 1.2 billion ($183 million).

Fiscal Year 2017 Results

Total revenues reached RMB 84.8 billion ($13.03 billion), representing a 20% increase from 2016. Online marketing revenues were RMB 73.1 billion ($11.24 billion), representing a 13% increase from 2016. Baidu had approximately 775,000 active online marketing customers, representing a 21% decrease from 2016. Revenue per online marketing customer was approximately RMB 93,500 ($14,371), a 43% increase from 2016.

Traffic acquisition costs were RMB 9.7 billion ($1.48 billion), representing 11.4% of total revenues, compared to 14.7% in 2016.

Bandwidth costs as a component of cost of revenues were RMB 5.6 billion ($854 million), representing 6.6% of total revenues, compared to 6.7% in 2016.

Depreciation costs as a component of cost of revenues were RMB 3.4 billion ($521 million), representing 4.0% of total revenues, compared to 4.4% in 2016.

Operational costs as a component of cost of revenues were RMB 4.7 billion ($722 million), representing 5.5% of total revenues, compared to 6.3% in 2016.

 

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