Baidu.com (NASDAQ: BIDU) reported Q1 EPS of $1.24, $0.25 better than the analyst estimate of $0.99. Total revenues in the first quarter of 2014 were RMB9.497 billion ($1.528 billion), a 59.1% increase from the corresponding period in 2013.

Online marketing revenues for the first quarter of 2014 were RMB9.378 billion ($1.509 billion), representing a 57.5% increase from the corresponding period in 2013. Baidu had about 446,000 active online marketing customers[2] in the first quarter of 2014, representing an 8.8% increase from the corresponding period in 2013 and a 1.1% decrease from the fourth quarter of 2013. Revenue per online marketing customer for the first quarter was approximately RMB20,900 ($3,362), a 44.1% increase from the corresponding period in 2013 and flat compared to the fourth quarter of 2013.

Traffic acquisition cost as a component of cost of revenues was RMB1.182 billion ($190.1 million), representing 12.4% of total revenues, as compared to 10.2% in the corresponding period in 2013 and 12.3% in the fourth quarter of 2013. The year-over-year increase mainly reflects increased contextual ads contributions and the promotion of Hao123 through the Company's network.

Bandwidth costs as a component of cost of revenues were RMB646.1 million ($103.9 million), representing 6.8% of total revenues, compared to 6.8% in the corresponding period in 2013. Depreciation costs as a component of cost of revenues were RMB430.5 million ($69.3 million), representing 4.5% of total revenues, compared to 5.6% in the corresponding period in 2013.

Content costs as a component of cost of revenues were RMB393.6 million ($63.3 million), representing 4.1% of total revenues, compared to 1.6% in the corresponding period in 2013, and 3.8% in the previous quarter. The increase was mainly due to iQiyi's increased content costs.

The company sees Q2 revs of $1.901 to $1.948 billion.

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