百度:在移動市場尋營收"千百度"
Baidu's BIDU +7.33% name references an ancient Chinese poem about the pursuit of a dream amid life's many obstacles. Baidu's management, still searching for traction on the mobile search market, can identify.
百度(Baidu)的公司名取自中國一首關於在人生的重重阻礙中追尋夢想的古詩詞──衆裏尋他千百度，仍在想辦法發力於移動搜索市場的百度管理層，對此可能也會感同身受。Second-quarter revenue of 5.5 billion yuan ($861 million) was up 59.8% from a year earlier and at the top end of expectations. Success in attracting more small-business customers helped insulate Baidu from China's slowing growth. Guidance for the third quarter was for more of the same.
百度是中國市場80%以上安卓手機的默認搜索引擎。百度第二季度營收55億元（合8.61億美元），同比增長59.8%，處於預期範圍的頂端。由於吸引到小企業客戶等原因，百度躲過了中國經濟增長放緩的衝擊。該公司預計第三季度的收入增長將與之一速度持平。Looking ahead further, though, the outlook is more uncertain. China's Internet is changing fast, and in ways that threaten Baidu's position as the spider in the center of the web.
但再往前看，前景就不那麼明朗了。中國的互聯網行業變化迅速，對百度的網絡巨擘地位構成了威脅。
In the first half of 2012, mobile topped the desktop personal computer as the main entry point for Chinese Internet users. That's a first. For Baidu, it could be a problem.
2012年上半年，手機取代臺式電腦成爲中國網民的最主要上網工具，這種情況是第一次出現。對於百度來說，這可能意味着麻煩。Baidu's share of total search-market revenue was 78.6% in the second quarter, according to research firm Analysys. But its share of the mobile market is significantly lower. In the first quarter, Baidu said its share of unique mobile searches was above 50%. Analysts' estimate is even lower, just 35%.
據研究公司易觀國際(Analysys)提供的數據，在第二季度整個搜索市場的收入當中，百度的份額爲78.6%。但它在移動市場的份額遠小於這個數字。百度在一季度表示其獨立移動搜索份額超過50%。分析師的估計更低，只有35%。Management is moving aggressively to beef up its mobile market share. Baidu is the default search option on more than 80% of Android phones sold in China. Its home page has been optimized for mobile search. And voice recognition will allow users to search without the inconvenience of moving their hands.
管理層正積極採取措施力爭提高移動市場份額。百度是中國市場80%以上安卓(Android)手機的默認搜索引擎。其主頁已針對移動搜索進行了優化。另外，將來通過語音識別功能，用戶不動手就可以進行搜索。But even if Baidu can dominate mobile search, it might turn out to be less profitable than its PC cousin. Google GOOG -1.29% customers pay less per click for mobile than PC ads, reflecting the diminished appeal of the smaller screen. Revenue-sharing agreements with handset manufacturers, part of Baidu's campaign to be the default mobile search option, are generous and could eat into margins.
但即使百度能夠獨霸移動搜索，到頭來這個市場的盈利性可能也趕不上PC市場。由於屏幕變小導致吸引力下降，谷歌(Google)客戶爲手機上每一次點擊支付的費用少於PC廣告。百度爲成爲默認搜索引擎與手機生產商簽訂了慷慨的收入分成協議，有可能削弱它的利潤率。On the second-quarter earnings call, Baidu Chief Executive Robin Li didn't provide updated numbers on Baidu's share of mobile market search, or even mobile as a share of Baidu's own searches. There was also little guidance on when Baidu expected to monetize its mobile users-Mr. Li said there would be no rush.
在二季財報電話會議上，百度首席執行長李彥宏沒有提供有關移動搜索市場百度所佔份額的新數字，甚至也沒有提供百度自己的搜索量中移動搜索所佔的比例。對於百度期待何時將其移動用戶變成收入來源的問題，該公司也很少透露──李彥宏說，這事不急。A typical Baidu search returns results in a fraction of a second. Baidu's search for revenue from the mobile market is set to take rather longer. It won't be long before investors start to demand to see results.
百度上的搜索結果一般都是瞬間顯示，但百度在移動市場對營收的“搜索”很可能需要更長時間。用不了多久，投資者就會要求看到“搜索結果”。
