On Tuesday, in the course of current trade, Shares of Baidu, Inc. (NASDAQ:BIDU), dropped -4.13%, and is now trading at $195.29.
Baidu, declared its unaudited financial results for the first quarter ended March 31, 2015.
First Quarter 2015 Highlights
- Total revenues in the first quarter of 2015 were RMB12.725 billion ($2.053 billion), a 34.0% enhance from the corresponding period in 2014. Mobile revenue represented 50% of total revenue for the first quarter of 2015, up from 42% in the fourth quarter of 2014.
- Operating profit in the first quarter of 2015 was RMB2.155 billion ($347.7 million), a 9.2% decrease from the corresponding period in 2014.
- Net income attributable to Baidu in the first quarter of 2015 was RMB2.449 billion ($395.1 million), a 3.4% decrease from the corresponding period in 2014. Diluted earnings attributable to Baidu per ADS for the first quarter of 2015 were RMB6.76 ($1.09); diluted earnings attributable to Baidu per ADS not taking into account share-based compensation expenses(non-GAAP) for the first quarter of 2015 were RMB7.58 ($1.22).
Baidu, Inc. provides Internet search services in China and internationally. It offers Chinese language search platform on its Baidu.com Website that enables users to find relevant information online, counting Web pages, news, images, documents, and multimedia files through links offered on its Website; and international products and services to users in other countries.
Finally, Cliffs Natural Resources Inc. (NYSE:CLF), surged 9.39% Tuesday.
Cliffs Natural Resources, stated first-quarter results for the period ended March 31, 2015. Revenues were $574 million not considering the revised accounting treatment for North American Coal and the Canadian Entities. In addition, adjusted EBITDA1 was $94 million.
First-Quarter Merged Results
First-quarter 2015 merged revenues of $446 million reduced 28 percent from the preceding year’s first quarter revenues of $616 million. The 2015 and 2014 amounts each exclude the revenue contribution from North American Coal. Cost of goods sold reduced by 14 percent to $365 million contrast to $426 million stated in the first quarter of 2014. Similarly, the 2015 and 2014 amounts each exclude the amount attributable to North American Coal.
For the first quarter of 2015, Cliffs recorded net income from ongoing operations attributable to Cliffs’ common shareholders of $167 million, or $0.94 per diluted share. These results comprise the gain related to extinguishment of debt, in addition to income tax valuation allowances and other items. Not taking into account these items, Cliffs stated first-quarter adjusted net income from ongoing operations of $2 million, or $0.02 per diluted share.
Cliffs’ first-quarter 2015 SG&A expenses were $29 million, a 22 percent decrease when contrast to a first-quarter 2014 expense of $38 million, as a result of reduced headcount and other cost saving initiatives.
During the first quarter of 2015, miscellaneous - net income raised to $20 million and comprised of a $14 million favorable impact from foreign currency exchange re-measurements, among other items.
First-quarter 2015 results comprised of an income tax expense of $175 million as compared to an expense of $30 million stated in the previous year’s comparable quarter. Of this amount, $166 million is related to the recording of valuation allowances for certain U.S. deferred tax assets.
Cliffs Natural Resources Inc. is a leading mining and natural resources company in the United States. The Company is a major supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. Cliffs also operates an iron ore mining complex in Western Australia.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should might occur.
