UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2010

Commission File Number: 000-51469

BAIDU, INC.

Baidu Campus
No. 10 Shangdi 10th Street
Haidian District, Beijing 100085
The People’s Republic of China
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ       Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BAIDU, INC.
By		:		/s/ Robin Yanhong Li
Name:		:		Robin Yanhong Li
Title:		:		Chief Executive Officer

Date: April 29, 2010

Exhibit Index

Exhibit 99.1—Press Release
Exhibit 99.2—Press Release

Exhibit 99.1

Baidu Announces First Quarter 2010 Results

BEIJING, China, April 28, 2010 — Baidu, Inc. (NASDAQ: BIDU), the leading Chinese language Internet search provider, today announced its unaudited financial results for the first quarter ended March 31, 2010¹.

First Quarter 2010 Highlights

	•		Total revenues in the first quarter of 2010 were RMB1.294 billion ($189.6 million), a 59.6% increase from the corresponding period in 2009.
	•		Operating profit in the first quarter of 2010 was RMB530.8 million ($77.8 million), a 167.4% increase from the corresponding period in 2009.
	•		Net income in the first quarter of 2010 was RMB480.5 million ($70.4 million), a 165.3% increase from the corresponding period in 2009. Diluted earnings per share (“EPS”) for the first quarter of 2010 was RMB13.77 ($2.02); diluted EPS excluding share-based compensation expenses (non-GAAP) for the first quarter of 2010 was RMB14.33 ($2.10).

“We delivered a quarter of record revenue and strong profitability despite the usual seasonality associated with the Chinese New Year holiday,” said Robin Li, chairman and chief executive officer of Baidu. “In particular, Phoenix Nest’s performance continued to exceed our expectations as customers increasingly appreciate the new platform’s advanced tools and superior return on investment. Looking ahead, we will continue to innovate and educate Chinese companies about the benefits of search engine marketing with Baidu.”

Jennifer Li, Baidu’s chief financial officer, added, “True to our commitment to managing for profitable growth, we delivered both strong top and bottom line results in the first quarter. For the rest of the year, we will aggressively expand our R&D and sales teams to drive improvements in technology and monetization while investing in network infrastructure to support traffic growth.”

First Quarter 2010 Results

Baidu reported total revenues of RMB1.294 billion ($189.6 million) for the first quarter of 2010, representing a 59.6% increase from the corresponding period in 2009.

Online marketing revenues for the first quarter of 2010 were RMB1.293 billion ($189.5 million), representing a 59.6% increase from the corresponding period in 2009. Baidu had around 221,000 active online marketing customers in the first quarter of 2010, representing a 19.5% increase from the corresponding period in 2009 and a 0.9% decrease from the previous quarter. Revenue per online marketing customer for the first quarter was approximately RMB5,900 ($864), a 34.1% increase from the corresponding period in 2009 and a 3.5% increase from the previous quarter.

Traffic acquisition costs (TAC) as a component of cost of revenues were RMB171.3 million ($25.1 million), representing 13.2% of total revenues, as compared to 15.3% in the corresponding period in 2009 and 16.0% in the fourth quarter of 2009. The decrease in TAC as a percentage of total revenues reflects initiatives to drive quality improvements on Baidu Union traffic.

Bandwidth costs as a component of cost of revenues were RMB58.0 million ($8.5 million), representing 4.5% of total revenues, compared to 6.0% in the corresponding period in 2009. Depreciation costs as a component of cost of revenues were RMB65.9 million ($9.7 million), representing 5.1% of total revenues, compared to 7.4% in the corresponding period in 2009. The decreases in bandwidth and depreciation costs as percentages of total revenues reflect efficiency improvements as well as increased scalability of investment in capital expenditure.

Selling, general and administrative expenses were RMB214.6 million ($31.4 million), representing an increase of 5.0% from the corresponding period in 2009, primarily due to increased sales headcount. The increase was partly offset by lower marketing expenses.

Research and development expenses were RMB122.1 million ($17.9 million), representing a 42.6% increase from the corresponding period in 2009, primarily due to increased R&D personnel expenses.

Share-based compensation expenses, which were allocated to related operating costs and expense line items, decreased in aggregate by 16.7% to RMB19.5 million ($2.9 million) in the first quarter of 2010 from RMB23.5 million in the corresponding period in 2009.

Operating profit was RMB530.8 million ($77.8 million), representing a 167.4% increase from the corresponding period in 2009. Operating profit excluding share-based compensation expenses (non-GAAP) was RMB550.3 million ($80.6 million), a 147.9% increase from the corresponding period in 2009.

Income tax expense was RMB70.7 million ($10.4 million), compared to an income tax expense of RMB26.9 million for the corresponding period in 2009. The effective tax rate for the first quarter of 2010 was 12.8% as compared to 12.9% for the corresponding period in 2009.

Net income was RMB480.5 million ($70.4 million), representing a 165.3% increase from the corresponding period in 2009. Basic and diluted EPS for the first quarter of 2010 amounted to RMB13.82 ($2.02) and RMB13.77 ($2.02), respectively.

Net income excluding share-based compensation expenses (non-GAAP) was RMB500.1 million ($73.3 million), a 144.4% increase from the corresponding period in 2009. Basic and diluted EPS excluding share based compensation expenses (non-GAAP) for the first quarter of 2010 amounted to RMB14.38 ($2.11) and RMB14.33 ($2.10), respectively.

As of March 31, 2010, the Company had cash, cash equivalents and short-term investments of RMB4.909 billion ($719.2 million). Net operating cash inflow and capital expenditures for the first quarter of 2010 were RMB426.2 million ($62.4 million) and RMB105.3 million ($15.4 million), respectively.

Adjusted EBITDA (non-GAAP), defined in this announcement as earnings before interest, taxes, depreciation, amortization, other non-operating income and share-based compensation expenses, was RMB641.2 million ($93.9 million) for the first quarter of 2010, representing a 116.1% increase from the corresponding period in 2009.

Outlook for Second Quarter 2010

Baidu currently expects to generate total revenues in an amount ranging from RMB 1.830 billion ($268.1 million) to RMB 1.870 billion ($274.0 million) for the second quarter of 2010, representing a 67% to 70% year-over-year increase. This forecast reflects Baidu’s current and preliminary view, which is subject to change.

Earnings Conference Call

Baidu’s management will hold an earnings conference call at 8:00 PM on April 28, 2010 U.S. Eastern Time (8:00 AM on April 29, 2010 Beijing/Hong Kong time).

Dial-in details for the earnings conference call are as follows:

US:		+1.617.597.5364
UK:		+44.207.365.8426
Hong Kong:		+852.3002.1672

Passcode for all regions: 83504881

A replay of the conference call may be accessed by phone at the following number until May 6, 2010:

International: +1.617.801.6888

Passcode: 34704854

Additionally, a live and archived webcast of this conference call will be available at http://ir.baidu.com.

About Baidu

Baidu, 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, currently trade on the NASDAQ Global Select Market under the symbol “BIDU”.

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. Among other things, the outlook for second quarter 2010 and quotations from management in this announcement, as well as Baidu’s strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. 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. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: our growth strategies; our future business development, including development of new products and services; our ability to attract and retain users and customers; competition in the Chinese and Japanese language Internet search markets; competition for online marketing customers; changes in our revenues and certain cost or expense items as a percentage of our revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese language Internet search market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers and general economic conditions in China, Japan and elsewhere. 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. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of April 28, 2010, and Baidu undertakes no duty to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Baidu’s consolidated financial results presented in accordance with GAAP, Baidu uses the following measures defined as non-GAAP financial measures by the SEC: adjusted EBITDA, operating profit excluding share-based compensation expenses, net income excluding share-based compensation expenses, and basic and diluted EPS excluding share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned “Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures” and “Reconciliation from net cash provided by operating activities to adjusted EBITDA” set forth at the end of this release.

Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain expenses, particularly share-based compensation expenses, that may not be indicative of its operating performance and financial condition from a cash perspective. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Baidu’s historical performance and liquidity. Baidu has computed its non-GAAP financial measures using the same consistent method from quarter to quarter since April 1, 2006. We believe these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude share-based compensation charge that has been and will continue to be for the foreseeable future a significant recurring expense in our results of operations. A limitation of using non-GAAP Adjusted EBITDA is that it does not include all items that impact our net income for the period. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

For investor and media inquiries, please contact:

China
Victor Tseng
Baidu, Inc.
Tel: 86-10-5992-7244
ir@baidu.com

Cynthia He
Brunswick Group LLC
Tel: 86-10-6566-2256
che@brunswickgroup.com

U.S.
Ms. Kate Tellier
Brunswick Group LLC
Tel: 1-212-333-3810
ktellier@brunswickgroup.com

Baidu, Inc.
Condensed Consolidated Balance Sheets

		March 31				December 31				March 31
(in RMB thousands)		2010				2009				2009
		Unaudited				Audited				Unaudited
ASSETS
Current assets:
Cash and cash equivalents			4,157,130				4,199,889				2,494,320
Short-term investments			751,894				381,149				276,329
Accounts receivable, net			153,686				161,610				76,434
Other assets,current			118,822				91,067				76,785
Deferred tax assets, net			10,118				9,157				5,580
Total current assets			5,191,650				4,842,872				2,929,448
Non-current assets:
Fixed assets, net			1,036,921				997,557				767,159
Intangible assets, net			120,054				122,595				122,928
Goodwill			63,691				63,691				54,083
Long-term investments, net			14,577				14,308				12,300
Deferred tax assets, net			33,799				33,799				27,679
Other assets,non-current			99,222				82,153				85,416
Total non-current assets			1,368,264				1,314,103				1,069,565
TOTAL ASSETS			6,559,914				6,156,975				3,999,013
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities, current			664,078				749,861				410,740
Customer advances and deposits, current			573,724				607,828				379,090
Deferred revenue			59,170				42,035				5,662
Deferred income			—				—				52
Total current liabilities			1,296,972				1,399,724				795,544
Non-current liabilities:
Long-term payable for business acquisition			4,150				4,150				—
Total non-current liabilities			4,150				4,150				—
Total liabilities			1,301,122				1,403,874				795,544
Shareholders’ equity
Class A Ordinary Shares, Par value US$0.00005 per share, 825,000,000 shares authorized, and 26,298,960 shares and 26,330,659 shares issued and outstanding as at December 31, 2009 and March 31, 2010			11				11				11
Class B Ordinary Shares, Par value US$0.00005 per share, 35,400,000 shares authorized, and 8,454,332 shares and 8,454,332 shares issued and outstanding as at December 31, 2009 and March 31, 2010			4				4				4
Additional paid-in capital			1,455,395				1,426,070				1,183,217
Accumulated other comprehensive loss			(117,684	)			(113,513	)			(116,305	)
Retained earnings			3,921,066				3,440,529				2,136,542
Total shareholders’ equity			5,258,792				4,753,101				3,203,469
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			6,559,914				6,156,975				3,999,013

Baidu, Inc.
Condensed Consolidated Statements of Income

		For the Three Months Ended
		March 31,				March 31,				December 31,
(in RMB thousands except for share, per share information)		2010				2009				2009
		Unaudited				Unaudited				Unaudited
Revenues:
Online marketing services			1,293,396				810,193				1,260,301
Other services			519				518				593
Total revenues			1,293,915				810,711				1,260,894
Operating costs and expenses:
Cost of revenues (note 1, 2)			(426,405	)			(322,235	)			(452,559	)
Selling, general and administrative (note 2)			(214,568	)			(204,300	)			(221,767	)
Research and development (note 2)			(122,129	)			(85,670	)			(124,402	)
Total operating costs and expenses			(763,102	)			(612,205	)			(798,728	)
Operating profit			530,813				198,506				462,166
Other income:
Interest income			11,374				9,123				9,313
Exchange loss, net			(1	)			—				(40	)
Gain and loss from equity method investments			247				—				(167	)
Other income, net			8,797				385				27,507
Total other income			20,417				9,508				36,613
Income before income taxes			551,230				208,014				498,779
Income taxes			(70,693	)			(26,897	)			(70,915	)
Net income			480,537				181,117				427,864
Earnings per share for Class A and Class B ordinary shares:
Basic			13.82				5.25				12.33
Diluted			13.77				5.22				12.27
Weighted average aggregate number of Class A and Class B ordinary shares outstanding:
Basic			34,766,823				34,525,338				34,702,168
Diluted			34,894,049				34,727,972				34,877,586
(1) Cost of revenues are detailed as follows:
Business tax and surcharges			(81,301	)			(48,868	)			(78,822	)
Traffic acquisition costs			(171,349	)			(124,119	)			(201,880	)
Bandwidth costs			(58,012	)			(48,280	)			(54,403	)
Depreciation costs			(65,888	)			(59,616	)			(67,628	)
Operational costs			(48,256	)			(39,719	)			(48,298	)
Share-based compensation expenses			(1,599	)			(1,633	)			(1,528	)
Total cost of revenues			(426,405	)			(322,235	)			(452,559	)
(2) Includes share-based compensation expenses as follows:
Cost of revenues			(1,599	)			(1,633	)			(1,528	)
Selling, general and administrative			(8,593	)			(11,156	)			(7,472	)
Research and development			(9,339	)			(10,665	)			(9,728	)
Total share-based compensation expenses			(19,531	)			(23,454	)			(18,728	)

Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures (*) (in RMB thousands, unaudited)

Three months ended

Three months ended

Three months ended

March 31, 2009

December 31, 2009

March 31, 2010

GAAP

Non-GAAP

GAAP

Non-GAAP

GAAP

Non-GAAP

Result

Adjustment

Results

Result

Adjustment

Results

Result

Adjustment

Results

Operating profit

198,506

23,454

221,960

462,166

18,728

480,894

530,813

19,531

550,344

Three months ended

Three months ended

Three months ended

March 31, 2009

December 31, 2009

March 31, 2010

GAAP

Non-GAAP

GAAP

Non-GAAP

GAAP

Non-GAAP

Result

Adjustment

Results

Result

Adjustment

Results

Result

Adjustment

Results

Net income

181,117

23,454

204,571

427,864

18,728

446,592

480,537

19,531

500,068

Reconciliation from net cash provided by operating activities to adjusted EBITDA(*) (in RMB thousands, unaudited)

		Three months ended				As a % of				Three months ended				As a % of				Three months ended				As a % of
		March 31, 2009				total revenues				December 31, 2009				total revenues				March 31, 2010				total revenues
Net cash provided by operating activities			247,438				31	%			779,079				62	%			426,169				33	%
Changes in assets and liabilities, net of effects of acquisitions			31,799				4	%			(244,723	)			-20	%			164,711				13	%
Income taxes expenses			26,897				3	%			70,915				6	%			70,693				5	%
Interest income and other, net			(9,508	)			-1	%			(36,613	)			-3	%			(20,417	)			-2	%
Adjusted EBITDA			296,626				37	%			568,658				45	%			641,156				49	%

Exhibit 99.2

Baidu Announces ADS to Share Ratio Change

BEIJING, April 28, 2010 — Baidu, Inc. (Nasdaq: BIDU), the leading Chinese language Internet search provider, today announced that it will change the ratio of its American depositary shares (“ADSs”) representing Class A ordinary shares from one (1) ADS for one (1) share to ten (10) ADSs for one (1) share.

The record date for the ratio change is May 10, 2010. For Baidu’s ADS holders, this ratio change will have the same effect as a 10-for-1 ADS split. There will be no change to Baidu’s ordinary shares. Furthermore, no action by ADS holders is required to effect the ratio change.

The effect of the ratio change on the ADS trading price on Nasdaq is expected to take place on May 12, 2010.

About Baidu
Baidu, 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 “BIDU.”

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. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: our growth strategies; our future business development, including development of new products and services; our ability to attract and retain users and customers; competition in the Chinese and Japanese language Internet search markets; competition for online marketing customers; changes in our revenues and certain cost or expense items as a percentage of our revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese language Internet search market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers and general economic conditions in China, Japan and elsewhere. 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 April 28, 2010, and Baidu undertakes no duty to update such information, except as required under applicable law.

For investor inquiries please contact:

In China:

Mr. Victor Tseng
Baidu, Inc.
Tel: +86-10-5992-7244
Email: ir@baidu.com

Ms. Cynthia He
Brunswick Group LLC
Tel: +86-10-6566-9504
Email: che@brunswickgroup.com

In the U.S.:

Ms. Kate Tellier
Brunswick Group LLC
Tel: +1-212-333-3810
Email: ktellier@brunswickgroup.com