Executives at Chinese search firm Baidu are no doubt hoping the Chinese year of the Tiger, which begins Feb. 14, will be as prosperous for the company as the year of the Ox has been.
To be sure, the company’s fiscal year, which ended Dec. 31, doesn’t quite synch up with the lunar New Year. But calendar 2009 was good for Baidu, with revenue standing at roughly $651.6 million, up 39.1% from 2008.
Operating profit in 2009 was $235.1 million, a 46.3% increase from the previous year. Net income in 2009 was $217.6 million, representing a 41.7% increase from 2008.
The growth was driven by increases in both the number of active online marketing customers and revenue per customer. Baidu had more than 317,000 active online marketing customers in 2009, representing an 11.6% increase from 2008.
Revenue per online marketing customer for 2009 was $2,051, an increase of 25% from 2008.
Traffic acquisition costs in 2009 were $102.2 million, representing 15.7% of total revenues, compared to 13.1% in 2008. Research and development expenses totaled $61.9 million in 2009, a 47.6% jump from 2008. The increase was primarily due to higher spending on research and development staff.
For 2010’s first quarter, Baidu expects total revenue to range between $176 million to $181 million, representing a 48% to 52% year-over-year increase. The company’s fortunes will reflect Google’s recent announcement that it will pull out of the Chinese market in response to censorship concerns.