Operating profit reached RMB 7.577 billion (approximately USD 1.204 billion), representing a year-on-year growth rate of 91.4%. Excluding share-based compensation expenses, operating profit was RMB 7.729 billion (approximately USD 1.228 billion), with a year-on-year growth rate of 90.7%. Income tax expense amounted to RMB 1.189 billion (approximately USD 188.9 million), compared to RMB 536 million in 2010. The effective tax rate was 15.2%, higher than the 13.2% level in 2010. Net profit reached RMB 6.639 billion (approximately USD 1.055 billion), with a year-on-year growth rate of 88.3%. Basic earnings per share were RMB 19.03 (approximately USD 3.02), or diluted earnings per share at RMB 18.99 (approximately USD 3.02).
Excluding share-based compensation expenses (i.e., non-GAAP basis), net profit was RMB 6.791 billion (approximately USD 1.079 billion), with a year-on-year growth rate of 87.6%. Excluding share-based compensation expenses, basic earnings per share were RMB 19.46 (approximately USD 3.09), or diluted earnings per share at RMB 19.42 (approximately USD 3.09).
Baidu's full-year net operating cash flow was RMB 8.179 billion (approximately USD 1.299 billion), while capital expenditures were RMB 1.762 billion (approximately USD 280 million). Adjusted EBITDA (i.e., non-GAAP basis) was RMB 8.614 billion (approximately USD 1.369 billion), with a year-on-year growth rate of 91.4%.
**Outlook:**
For the first quarter of 2012, Baidu expects its revenue to range between RMB 4.195 billion (approximately USD 666.5 million) and RMB 4.33 billion (approximately USD 688 million), representing a year-on-year increase of 72.2% to 77.7% compared to the same period in 2011. (Yi Ke)