BEIJING, Dec. 11 /PRNewswire-Asia/ -- Baidu.com, Inc. (Nasdaq: BIDU), the
leading Chinese language Internet search provider, today announced revised
guidance for the fourth quarter of 2008 and provided an update on recent
business developments. (1)
(Logo: http://www.newscom.com/cgi-bin/prnh/20081103/BAIDULOGO )
Baidu currently expects fourth quarter 2008 revenue to be in the range of
RMB890 million (US$131 million) to RMB900 million (US$133 million), compared
to the previously stated range of RMB1,025 million (US$151 million) to
RMB1,055 million (US$155 million).
The company noted that several factors contributed to the guidance
revision. First, the economic slowdown in China is having a greater than
expected impact on online marketing particularly in machinery and franchising;
second, Baidu recently removed the paid search listings of customers in the
medical and pharmaceutical sectors without licenses on file with Baidu; and
third, after a thorough inspection of its customer base, the company removed a
number of questionable paid search listings outside of the medical and
pharmaceutical sectors. The company noted that a portion of its customers in
the medical and pharmaceutical sectors have returned to its paid search
listings following the submission of required licenses.
"As on-line marketing customers adjust to the current difficult economic
environment, we believe they will increasingly realize the value of paid
Internet search as a very powerful performance based model," said Robin Li,
Baidu's chairman and chief executive officer." I am confident that Baidu will
enhance our market position as we continue to evolve our business model in-
line with the rapidly changing dynamics of our market. Going forward, we will
continue to focus on improvements in operations, product offerings, and
Currently, the company is testing a new on-line marketing system to
enhance monetization which is expected to improve customer ROI as well as user
experience. In addition, Baidu is in the process of developing a new sales
support system which is designed to improve sales productivity as well as
(1) This announcement contains translations of certain RMB amounts into
U.S. dollars at specified rates solely for the convenience of the
reader. Unless otherwise noted, all translations from RMB to U.S.
dollars are made at a rate of RMB 6.7899 to USD 1.00, the effective
noon buying rate as of September 30, 2008 in The City of New York for
cable transfers of RMB as certified for customs purposes by the
Federal Reserve Bank of New York.
Baidu.com, Inc. is the leading Chinese language Internet search provider.
As a technology-based media company, Baidu aims to provide the best way for
people to find information. In addition to serving individual Internet search
users, Baidu provides an effective platform for businesses to reach potential
customers. Baidu's ADSs, each of which represents one Class A ordinary share,
are currently trading on the NASDAQ Global Select Market under the symbol
Safe Harbor Statement
This announcement contains forward-looking statements. These statements
are made under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," "confident" and similar
statements. Statements that are not historical facts, including statements
about Baidu's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties that could
cause actual results to differ materially from those contained in any forward-
looking statements. Further information regarding these and other risks is
included in our annual report on Form 20-F and other documents filed with the
Securities and Exchange Commission. All information provided in this press
release is as of December 11, 2008, and Baidu undertakes no duty to update
such information, except as required under applicable law.
For investor inquiries please contact:
Ms. Linda Sun
Ms. Cynthia He
Brunswick Group LLC
In the U.S.:
Mr. Michael Guerin
Brunswick Group LLC
SOURCE Baidu.com, Inc.
/CONTACT: In China: Ms. Linda Sun of Baidu.com, Inc., +86-10-8262-1188, or
email@example.com; Or Ms. Cynthia He of Brunswick Group LLC, +86-10-6566-9504, or
firstname.lastname@example.org; Or In the U.S.: Mr. Michael Guerin of Brunswick
Group LLC, +1-646-277-3694, or email@example.com /
PRN Photo Desk, 888-776-6555 or 212-782-2840/
/Web site: http://www.baidu.com /
CO: Baidu.com, Inc.
IN: CPR ITE MLM NET
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7745 12/11/2008 07:50 EST http://www.prnewswire.com