百度:在移动市场寻营收"千百度"

百度(Baidu)的公司名取自中国一首关于在人生的重重阻碍中追寻梦想的古诗词──众里寻他千百度，仍在想办法发力于移动搜索市场的百度管理层，对此可能也会感同身受。

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.

百度是中国市场80%以上安卓手机的默认搜索引擎。百度第二季度营收55亿元（合8.61亿美元），同比增长59.8%，处于预期范围的顶端。由于吸引到小企业客户等原因，百度躲过了中国经济增长放缓的冲击。该公司预计第三季度的收入增长将与之一速度持平。

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，前景就不那么明朗了。中国的互联网行业变化迅速，对百度的网络巨擘地位构成了威胁。

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，手机取代台式电脑成为中国网民的最主要上网工具，这种情况是第一次出现。对于百度来说，这可能意味着麻烦。

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%.

据研究公司易观国际(Analysys)提供的数据，在第二季度整个搜索市场的收入当中，百度的份额为78.6%。但它在移动市场的份额远小于这个数字。百度在一季度表示其独立移动搜索份额超过50%。分析师的估计更低，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.

管理层正积极采取措施力争提高移动市场份额。百度是中国市场80%以上安卓(Android)手机的默认搜索引擎。其主页已针对移动搜索进行了优化。另外，将来通过语音识别功能，用户不动手就可以进行搜索。

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.

但即使百度能够独霸移动搜索，到头来这个市场的盈利性可能也赶不上PC市场。由于屏幕变小导致吸引力下降，谷歌(Google)客户为手机上每一次点击支付的费用少于PC广告。百度为成为默认搜索引擎与手机生产商签订了慷慨的收入分成协议，有可能削弱它的利润率。

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.

在二季财报电话会议上，百度首席执行长李彦宏没有提供有关移动搜索市场百度所占份额的新数字，甚至也没有提供百度自己的搜索量中移动搜索所占的比例。对于百度期待何时将其移动用户变成收入来源的问题，该公司也很少透露──李彦宏说，这事不急。

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.

百度上的搜索结果一般都是瞬间显示，但百度在移动市场对营收的“搜索”很可能需要更长时间。用不了多久，投资者就会要求看到“搜索结果”。