Baidu Shares Jump as Results, Outlook Top Forecasts
Baidu shares jumped in late trading Tuesday as the search engine reported results that beat Wall Street expectations and boosted its guidance for the first quarter.
The Chinese search engine said it earned $1.88 a share in its fourth quarter, compared with $1.22 a share this time last year.
Sales for the most recent quarter reached $184.7 million, up from $132 million in the same period last year.
Analysts who follow the company projected Baidu to earn $1.69 a share on a topline of $180 million.
Baidu boosted its first-quarter revenue guidance to between $176 million and $181 million. Earlier consensus was $170 million.
Shares of Baidu jumped more than 9 percent in extended trading Tuesday.
The company’s stock [BIDU 435.01 -8.22 (-1.85%) ] fell 1.85 percent to finish the regular New York Stock Exchange session at $435.01. Volume reached almost 2 million shares before the closing bell.