The obvious trend of the tech giants over the past year: moving is more important than anything

In late January, Apple, Microsoft, Google and other top U.S. technology giants released earnings, the performance of different families. From the complex earnings data, we can see a very obvious trend: The move is more than everything, earnings revenue depends largely on the layout of the mobile Internet, in the domestic nature is no exception. Recently, China's internet companies such as Baidu and Ali have also released earnings, and most companies have slowed their revenue growth curve in 2014, and the overall size and profitability of their revenues have been lower than expected. But it is also easy to see that, like the international giants, the tilt of the domestic internet makers to the mobile end has been obvious over the past year.

Baidu: Less than expected performance, technology hit too much money

February 12, Baidu released its 2014 fiscal year, the first quarter and the year unaudited earnings, performance is lower than expected, a weak quarterly results. Baidu's share price fell more than 10% per cent, as the news affected. The report shows that Baidu 2014 fiscal year revenue for the 49.052 billion yuan, the fourth quarter revenue will reach 14.12 billion yuan, are less than analysts expected, so Baidu after the stock price plummeted, more than 9%.

However, Baidu operating profit margin behind, refraction is Baidu in the mobile end of the promotion and technology research and development efforts in the increase. In the fourth quarter of 2014, mobile revenue accounted for more than 42% of total revenue, with mobile search revenues exceeding that of the PC for the first time in December, the earnings said. Baidu's quarterly and Full-year sales, general services and administrative expenditures grew 89.2% and 100.7% respectively, mainly due to increased promotional spending on mobile products. Industry insiders believe that Baidu is already a real mobile internet company. In addition, in terms of expenditure, Baidu's investment in research and development has significantly increased, Baidu's research and development expenditure of 2.136 billion yuan (about 344.2 million U.S. dollars), compared with the same period last year, growth of 69%, compared to the previous quarter 16.6%, mainly due to the increase in the number of research and development staff.

Technology input may not be readily realizable in the short term, but in the long run it must be the underlying building that supports a technology company. Thick product can thin hair, technical origin of Li want, may be adhere to keep good technology this cornerstone, support Baidu smoothly to the mobile end of the transition.

Ali: Rich and capricious!

On the evening of January 29, Alibaba Group reported its 4th-quarter results in 2014. Earnings showed that the company's fourth-quarter revenue of 26.18 billion yuan, an increase of 40%, less than Bloomberg expected median of 27.64 billion yuan; In accordance with U.S. general accounting standards, fourth-quarter net profit of 5.98 billion yuan, lower 28%, not in accordance with the United States General accounting standards, The net profit of the quarter was 13.12 billion yuan, which increased 25%. The market reacted badly because the data were below expectations. In addition to a acrimony between the trade and Industry Bureau, the Rosen Law Firm, Howard G. Smith and Holzer & Holzer, as well as Bronstein, Gewirtz & Grossman Four firms followed up the investigation. Alibaba in the United States before the stock price tumbled 8%, the intraday decline was once enlarged to 11%, the stock price below 90 U.S. dollars, the two days of evaporation of more than 30 billion U.S. dollars in market capitalisation, equivalent to a fall of a Beijing east.

But we can also see in the results of 2014, Ali active buyers reached 334 million, occupy half of China's netizens, affected by this, the 2014 year Alibaba China's retail platform to achieve total merchandise turnover of 2.3 trillion yuan, accounting for more than 8% of China's total retail sales of consumer goods. 2014 Ali Mobile Internet transformation succeeded, and expanded the advantage. On the Chinese retail platform, Alibaba has gained 6.42 billion yuan from the mobile end of the fourth quarter, surging 448% from a year earlier, according to earnings reports. Analysts, Ali will rely more on emerging business ahead, short-term price fluctuations do not affect long-term growth potential. In addition, in the four quarter of Alibaba's employee equity incentive spending reached 4.313 billion yuan, a sharp rise of 554% per cent over the same period last year, is the quarter's income of more than 16%.

Sohu: Portal reform controls video business costs

Sohu February 10 released the unaudited annual earnings for 2014. Data show that Sohu 2014 annual revenue of 1.7 billion U.S. dollars, an increase of 19% per cent, the net loss to the company is 171 million U.S. dollars, the previous year net loss of 18 million U.S. dollars. This is Sohu for the first time in recent years to lose, in the mature portal, the game business of the Internet large companies are also relatively rare. The industry generally believes that the video business is dragging down Sohu's profits.

In the fourth quarter of 2014, Sohu Video revenue was 51 million U.S. dollars, up 64% from the same period in 2013, of which about one-third of the income came from the mobile end. However, Sohu video is still the most burning money Sohu business, but also led to the direct cause of Sohu earnings losses.

2014, Sohu Group shot constantly, Sogou and Tencent marriage has launched a "micro-letter Search", "micro-letter headlines" through the Sogou and micro-letter of the ecological system important combination. The swim person adjusts the game essence, but Sohu video and Sohu portal also has the corresponding conformity, the acquisition 56 realizes UGC and the PGC business to go hand in hand, the media business famous media person Zhaohua, the Chi Qiming joins, simultaneously the entire Sohu cut expenditure. Charles Zhang returned to the management, Sohu Group for the organization of genetic optimization, in the process, Sohu also identified the future will also be around, media platforms, video, search, games, these four core business development.

NetEase: Earnings make "Kaulahai" full of imagination

February 10, NetEase announced that the company ended to December 31, 2014 in the fourth quarter and 2014 financial year audited financial results. Data show: In the fourth quarter of 2014 total income was 3.684 billion yuan (594 million U.S. dollars), the previous quarter and the same period last year respectively, 3.326 billion yuan and 2.585 billion yuan. In the fourth quarter of 2014, net profit was 1.271 billion yuan (USD 205 million), 1.159 billion yuan and 1.237 billion yuan in the previous quarter and the same period last year respectively. It refers to the fourth quarter of 2014 mailbox, the electricity business and other business income of 381 million yuan (61.37 million U.S. dollars), an increase of 224.2%. The growth of mailboxes, electric dealers and other business margins is mainly due to the rapid development of electric business.

NetEase for two consecutive quarters of earnings, said the "mailbox, electricity and other business" income growth, the third quarter year-on-year growth of 252.5%, the fourth quarter year-on-year growth of 224.2%. Its growth rate far exceeds that of other businesses.

At the same time NetEase's CEO Ding Lei also mentioned, "in order to meet the needs of users and markets, we recently launched a proprietary import electric platform test net." In 2015, we will be in all areas of business to maintain a healthy development, to attract more users to use NetEase services. ”

On the second day of the NetEase earnings report, Morgan Stanley published a study to maintain an "overweight" rating on NetEase (nasdaq:ntes), raising its revenue and profit forecasts and raising its target share price from $123 to $128.

From this outside speculation, earnings data and Ding Lei's stance, let people just on line soon Kaulahai buy "full of imagination." 2015, NetEase or will be in the field of electrical business focus layout, and this piece is likely to become a new growth pole. In fact, by the end of the quarter, Kaulahai bought the one-month test.

Art Dragon: Highlighting the dilemma of traditional online tourism development

February 6, Beijing time, the Arts Dragon released the fiscal year 2014 as of December 31, the quarter and the whole year without audit earnings. Once again disappointing Wall Street. Earnings showed that the art Dragon's net revenue for the quarter was 246.2 million yuan (about $39.7 million), down 6% from the 261 million yuan (about $43.1 million trillion) in the same period last year, with a net loss of 206.7 million yuan, compared with a net loss of 44 million yuan in the same period last year.

The dilemma of the Art Dragon is only a representative epitome of the development predicament of the traditional OTA field in China: On the surface, the volume of business, orders are still growing, but the size of the revenue has been difficult to keep pace with the growth of the volume of business, and in the net profit is facing a declining trend.

To occupy the total revenue 84% of the hotel booking business as an example, Art dragon in the third quarter of 2014 hotel room booking days for 9.4 million days, compared with the same period last year, a 22% increase. It looks good, doesn't it? But, art Dragon third quarter hotel booking Business Commission income only increased by 6% in the same period last year! Obviously, the average commission that the art Dragon obtains from each booking room has seen a noticeable drop!

Similarly, in the OTA another major income airline booking business, the Art dragon in the third quarter of the year's revenue also fell 24%. In the 24% decline, the number of art Dragon booking tickets dropped only 4% year-on-year, is not the main factor, the core problem is due to each ticket average commission slipped 21% caused.