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排名醜聞令百度承壓
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度在線網絡技術公司(Baidu.com)受到了中國國家電視台的批評，這家中國最受歡迎的互聯網搜索引擎可能因此打擊而面臨更艱難的處境。中國政府控制的中央電視台(CCTV)上周六報導，百度讓非法醫藥公司通過競價排名佔據了搜索結果的顯著位置，從而將政府批準的合格醫藥銷售企業壓到了不起眼的位置。
百度周二晚間發表聲明稱，已撤銷了部分客戶的競價排名，尤其是未向百度提交許可証文件的醫療和藥品客戶，這些客戶約佔總收入的10%至15%。百度稱，這些客戶可在提交許可文件後重新使用競價排名。
雖然此事似乎已告一段落，但百度的股票在低迷的市場中可能難以出現反彈。周一，在那斯達克市場上市的百度股票下跌了25%，周二收盤下挫3.97%。
此前，百度已經成為了眾矢之的。部分媒體和網站論壇曾稱，百度在毒奶粉事件中通過屏蔽負面文章的鏈接幫助部分中國奶制品公司逃避公眾的監督。百度否認了這些指責。
所發生的這些事件都給谷歌(Google)帶來了機會。谷歌在中國網絡搜索引擎領域排名第二，市場佔有率為27.8%，百度的市場份額為60%。
以周一的收盤價計算，百度股票基於2009年預期收益的本益比為18.5倍，看起來依然較高。谷歌基於預期收益的本益比為13倍。
但如果關鍵詞醜聞對中國消費者產生深刻影響，那麼估值就不會再是百度股價的決定性因素。
Andrew Peaple
此前，百度已經成為了眾矢之的。部分媒體和網站論壇曾稱，百度在毒奶粉事件中通過屏蔽負面文章的鏈接幫助部分中國奶制品公司逃避公眾的監督。百度否認了這些指責。
所發生的這些事件都給谷歌(Google)帶來了機會。谷歌在中國網絡搜索引擎領域排名第二，市場佔有率為27.8%，百度的市場份額為60%。
以周一的收盤價計算，百度股票基於2009年預期收益的本益比為18.5倍，看起來依然較高。谷歌基於預期收益的本益比為13倍。
但如果關鍵詞醜聞對中國消費者產生深刻影響，那麼估值就不會再是百度股價的決定性因素。
Andrew Peaple
Baidu.com Under Pressure
Baidu.com has been criticized by China's state broadcaster, a setback likely to usher in trickier times for the country's most popular Internet search engine.
On Saturday, CCTV, China's dominant government-controlled television network, reported that Baidu.com let unlicensed medical companies win keyword auctions for prominent online display, thereby sidelining government-licensed drug sellers.
Baidu.com issued a statement late Tuesday in China saying it has 'removed paid search listings of certain customers, particularly medical and pharmaceutical customers without licenses on file with Baidu,' and that those customers account for about 10% to 15% of total revenue. It said those customers would regain access once they provide licenses.
However the situation plays out, Baidu.com's stock may struggle to recover in a gloomy market. The company's Nasdaq-listed shares fell 25% Monday and were down 4.9% in morning trading Tuesday.
Baidu.com was already under fire over claims in the media and Internet chat forums that it helped some Chinese dairy companies avoid public scrutiny during the tainted-milk crisis, by burying links to critical articles. Baidu.com denies those claims.
All this represents an opportunity for Google, China's No. 2 search engine with a 27.8% market share compared with Baidu.com's 60%.
Baidu.com's shares -- trading at 18.5 times expected 2009 earnings as of Monday's close -- still look expensive. Google trades closer to 13 times expected earnings.
But if the keyword scandal takes root among China's consumers, valuation isn't going to be the deciding factor for Baidu.com's stock price.
On Saturday, CCTV, China's dominant government-controlled television network, reported that Baidu.com let unlicensed medical companies win keyword auctions for prominent online display, thereby sidelining government-licensed drug sellers.
Baidu.com issued a statement late Tuesday in China saying it has 'removed paid search listings of certain customers, particularly medical and pharmaceutical customers without licenses on file with Baidu,' and that those customers account for about 10% to 15% of total revenue. It said those customers would regain access once they provide licenses.
However the situation plays out, Baidu.com's stock may struggle to recover in a gloomy market. The company's Nasdaq-listed shares fell 25% Monday and were down 4.9% in morning trading Tuesday.
Baidu.com was already under fire over claims in the media and Internet chat forums that it helped some Chinese dairy companies avoid public scrutiny during the tainted-milk crisis, by burying links to critical articles. Baidu.com denies those claims.
All this represents an opportunity for Google, China's No. 2 search engine with a 27.8% market share compared with Baidu.com's 60%.
Baidu.com's shares -- trading at 18.5 times expected 2009 earnings as of Monday's close -- still look expensive. Google trades closer to 13 times expected earnings.
But if the keyword scandal takes root among China's consumers, valuation isn't going to be the deciding factor for Baidu.com's stock price.
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