Operating profit reached RMB7.577 billion (US$1.204 billion), representing a year-on-year increase of 91.4%. Excluding share-based compensation expenses, operating profit was RMB7.729 billion (US$1.228 billion), representing a year-on-year increase of 90.7%. Income tax expense was RMB1.189 billion (US$188.9 million) compared to RMB536.0 million in 2010. The effective tax rate was 15.2%, higher than 13.2% in 2010. Net profit attributable to Baidu was RMB6.639 billion (US$1.055 billion), representing an increase of 88.3% from the prior year. Basic earnings per ADS were RMB19.03 (US$3.02). Diluted earnings per ADS were RMB18.99 (US$3.02). Excluding share-based compensation expenses (non-GAAP), net profit attributable to Baidu was RMB6.791 billion (US$1.079 billion), representing an increase of 87.6% from the prior year. Non-GAAP basic earnings per ADS were RMB19.46 (US$3.09). Non-GAAP diluted earnings per ADS were RMB19.42 (US$3.09). For the full year, net operating cash flow was RMB8.179 billion (US$1.299 billion). Capital expenditures were RMB1.762 billion (US$280.0 million). Adjusted EBITDA (non-GAAP) was RMB8.614 billion (US$1.369 billion), representing a year-on-year increase of 91.4%.
Outlook
For the first quarter of 2012, Baidu expects revenue to be in the range of RMB4.195 billion (US$666.5 million) to RMB4.330 billion (US$688.0 million), representing a year-on-year increase of 72.2% to 77.7%. (Tech Era)