Baidu, Inc. (
BIDU)
Q3 2009 Earnings Call Transcript
October 26, 2009 8:00 p.m. ET
Executives
Victor Tseng - Investor Relations
Robin Li - Co-Founder, Chairman and Chief Executive Officer
Jennifer Li - Chief Financial Officer
Haoyu Shen - Vice President, Business Operations
Ye Peng - Chief Operating Officer
Analysts
James Mitchell - Goldman Sachs
Gene Munster - Piper Jaffray
Dick Wei - JP Morgan
Catherine Leung - Citigroup
Jeffrey Lindsay - Sanford C. Bernstein
C. Ming Zhao - SIG
Richard Ji - Morgan Stanley
Steve Weinstein - Pacific Crest Securities
Eric Wen - MainFirst
Wallace Cheung - Credit Suisse
Wendy Huang - RBS
Eddie Leung - Banc of America/Merrill Lynch
Yu Jin - CICC
Stephen Ju - RBC Capital Markets Corporation
Presentation
Operator
Hello. And thank you for standing by for Baidu''s third quarter 2009 earnings conference call. At this time, all participants are in listen-only mode. After management''s prepared remarks, there will be a question-and-answer session. Today''s conference is being recorded. If you have any objection, you may disconnect at this time.
I would now like to turn the meeting over to your host for today''s conference, Victor Tseng of Baidu.
Victor Tseng
Hello, everyone. And welcome to Baidu''s third quarter 2009 earnings conference call. Baidu''s earnings release was distributed earlier today and you can find a copy on our website, as well as, on newswire services.
Today you will hear from Robin Li, Baidu''s Chief Executive Officer; and Jennifer Li, Baidu''s Chief Financial Officer. After their prepared remarks, Robin and Jennifer will be joined by Peng Ye, our Chief Operating Officer; and Haoyu Shen, Vice President of Business Operations to answer your questions.
Before we continue, please note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Baidu does not undertake any obligation to update any forward-looking statement except as required under applicable law.
As a reminder, this conference is being recorded. In addition, a webcast of this conference call will be available on Baidu''s corporate website at ir.baidu.com.
I will now turn the call over to Baidu''s CEO, Robin Li.
Robin Li
Hello, everyone. And thank you for joining us today. Throughout the economic challenges in the past year, Baidu has consistently kept our focus on execution and improving monetization and we are seeing results.
The third quarter enjoyed solid growth in both revenues and net income. In addition, large customers are performing well and increasingly allocating more of their budgets to our platform.
China''s internet market is rapidly growing and search engine marketing is increasingly important. And Baidu has been working hard to offer more advanced products and tools for users, customers and partners.
We delivered a solid result this past quarter. We are in good shape to drive important initiatives in this quarter. Phoenix Nest was launched six months ago and has been making good progress on migration.
