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Third Quarter 2011 Highlights

Total revenues in the third quarter of 2011 were RMB4.175 billion ($654.7 million), an 85.1% increase from the correspond ing period in 2010.

Operating profit in the third quarter of 2011 was RMB2.226 billion ($349.1 million), an 88.5% increase from the corresponding period in 2010.

Net income attributable to Baidu in the third quarter of 2011 was RMB1.882 billion ($295.0 million), a 79.8% increase from the corresponding period in 2010. Diluted earnings attributable to Baidu per ADS(2) (EPADS) for the third quarter of 2011 were RMB5.38 ($0.84); diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses (non-GAAP) for the third quarter of 2011 were RMB5.49 ($0.86).

"On the user front, during the third quarter we launched a personalized homepage feature which provides users with a Baidu experience uniquely tailored to their individual online behavior, as well as instant and centralized access to their online social activities," Mr. Li continued. "As we continue to create new ways for users to engage with the Internet, we believe that more and more people will rely on Baidu as their online gateway, further solidifying Baidu's position at the heart of China's Internet ecosystem."

Jennifer Li, Baidu's chief financial officer, commented, "We enjoyed another strong quarter of top and bottom line growth, while maintaining a robust level of investment in R&D, infrastructure development and new strategic opportunities to support our future growth.

"In this quarter, we completed the acquisition of Qunar, a leading travel search engine in China, and for the first time consolidated Qunar's financial results. In addition, to support the rapid growth of our online video service provider Qiyi, we made a $23 million cash contribution and incurred a charge based on equity method accounting. Our EPADS would have been $0.91 without this charge associated with Qiyi."
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