BEIJING (dpa-AFX) - Baidu Inc. (BIDU) reported that its second-quarter net income attributable to the company was RMB2.770 billion or $436.0 million, up from RMB1.633 billion in the same quarter last year. Earnings per ADS for the second quarter of 2012 rose to RMB7.86 or $1.24 from RMB4.67 last year.
Net income attributable to the company excluding share-based compensation expenses was RMB2.824 billion or $444.5 million, a 69.3% increase from the corresponding period in 2011. Earnings per ADS excluding share-based compensation expenses for the second quarter of 2012 amounted to RMB8.01 or $1.26.
Total revenues for the quarter were RMB5.456 billion or $858.8 million up from RMB3.415 billion in the year ago quarter.
Traffic acquisition cost (TAC) as a component of cost of revenues was RMB453.7 million or $71.4 million, representing 8.3% of total revenues, as compared to 7.9% in the corresponding period in 2011 and 7.8% in the first quarter of 2012.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.12 per share on revenues of $850.78 million for the quarter. Analysts' estimates typically exclude special items.
Baidu currently expects to generate total revenues in an amount ranging from RMB6.245 billion or $983.0 million to RMB6.410 billion or $1.009 billion for the third quarter of 2012, representing a 49.6% to 53.5% year-over-year increase. Sixteen analysts have consensus revenue estimate of $988.03 million for the third-quarter.
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