On April 25, Baidu (Nasdaq: BIDU) announced today its unaudited financial report for the first quarter ended March 31, 2014. The report shows that Baidu achieved total revenue of 9.497 billion yuan (approximately $1.528 billion) in the quarter, a year-on-year increase of 59.1%; net profit was 2.535 billion yuan (approximately $407.8 million), a year-on-year increase of 24.1%; and the diluted income per American Depositary Receipt (ADS) was 7.21 yuan (approximately $1.16).

 

"We started the new year with strong performance growth in the first quarter. This is also the third consecutive quarter in which our revenue growth has accelerated." Baidu Chairman and CEO Robin Li said, "Our focus remains on further strengthening our core search capabilities. business and mobile application distribution, and continue to expand our platform in new areas such as LBS (location-based services)." Robin Li also pointed out: "As the Internet brings impact to more and more traditional industries, and the importance of the Internet. As a leading cross-platform information portal with world-class technology, Baidu's unique competitive advantages have become increasingly apparent. We believe that continued investment in key directions will continue to promote the company's sustainable development in the next few quarters."

 

"The first quarter. "Our core search business has once again driven strong growth in the company's overall revenue." Baidu Chief Financial Officer Li Xinji said, "We will continue to increase investment in our core businesses and key strategic areas to further consolidate Baidu's industry leading position from a long-term strategic perspective."