Baidu's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Baidu, Inc. (BIDU)

Q1 2012 Earnings Call

April 24, 2012 8:00 p.m. EDT


Victor Tseng – IR Director

Robin Li – Chairman and CEO

Jennifer Li – CFO


Dick Wei – JPMorgan

Jiong Shao – Macquarie Securities

Alex Yao – Deutsche Bank

Jin Yoon – Nomura Securities

Alicia Yap – Barclays Capital

Eddie Leung – Merrill Lynch

Catherine Leung – Goldman Sachs

Richard Ji – Morgan Stanley

Wallace Cheung – Credit Suisse

Ravi Sarathy – Citigroup

Gene Munster – Piper Jaffray

Cynthia Meng – Jefferies & Co.

Wendy Huang – Royal Bank of Scotland

Fawne Jiang – Brean Murray Carret & Co.



Hello, and thank you for standing by for Baidu’s first quarter 2012 earnings conference call. (Operator Instructions). Today’s conference is being recorded. If you have any objections, you may disconnect at this time.

I would now like to hand the meeting over to your host for today’s conference, Victor Tseng, Baidu’s Investor Relations Director.

Victor Tseng

Hello, everyone, and welcome to Baidu’s first quarter 2012 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 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 US Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include but are not limited to those outlined in our public filings with the SEC, including our annual report on Form 20-F. Baidu does not undertake any obligation to update any forward-looking statement except as required under applicable law.

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