Baidu (BIDU) Q4 Tops Views, But Falls on Subdued FY13 Guidance

February 4, 2013 5:14 PM EST
Shares of (NASDAQ: BIDU) declined after-hours on Monday following the release of the China search giant's Q4 results. While EPS topped estimates, revenue guidance was light and the company reported a spike in traffic acquisition costs (TAC), which may have weighed on investors sentiment.

Baidu reported Q4 revenue of $1.02 billion, a 42 percent increase compared to 2011, and about in-line with estimates of 1 billion. The company reported Q4 EPS of $1.31, $0.02 better than the analyst estimate of $1.29. TAC rose 9.6 percent compared to 7.9 percent last year.

Looking forward, Baidu expects Q1 revenue of $945.4 to $975.9 million. This puts mid-point revenue guidance at $960.65, compared to the consensus of $967.1 million. Year-over-year revenue growth is expect to be 42.6 percent at the high end, a deceleration from 2012 growth of 53.8 percent.

Shares of Baidu last traded at $102.01, down 4.8 percent.

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