Baidu (BIDU) Shares Jump on Strong Q4; Revenue Up 94%
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Baidu Inc. (NASDAQ: BIDU) shares are up in extended trade after the company posted better-than-expected fourth-quarter results on Monday, while also guiding for revenue in the current quarter ahead of the Street.
The Chinese search engine company reported fourth-quarter earnings of 52 cents per share, 7 cents better than the analyst estimate of 45 cents per share.
Revenue for the company rose 94.4 percent to $371.3 million in the the period, beating the market consensus of $362.33 million.
Operating profit for the fourth quarter was #193.2 million, an increase of 175.8 percent from last year,
Robin Li, Baidu's chairman and chief executive officer, said "Baidu continues to build upon our clear leadership in China's search market. Looking forward we will further integrate search with online activities such as e-commerce and social networking and I am confident that Baidu will remain at the center of China's Internet ecosystem."
Looking forward, the company sees first-quarter revenue of $360.6-$371.2 million, ahead of the Street's view of $354.06 million.
"I am pleased to report another quarter of stellar top and bottom line growth," commented Jennifer Li, Baidu's chief financial officer. "I'm also excited to note that in 2010 we enjoyed accelerating top line growth and record profitability despite substantial investment."
Shares of Baidu are up 6.39 percent to $115.57 in aftermarket movement on Monday.
The Chinese search engine company reported fourth-quarter earnings of 52 cents per share, 7 cents better than the analyst estimate of 45 cents per share.
Revenue for the company rose 94.4 percent to $371.3 million in the the period, beating the market consensus of $362.33 million.
Operating profit for the fourth quarter was #193.2 million, an increase of 175.8 percent from last year,
Robin Li, Baidu's chairman and chief executive officer, said "Baidu continues to build upon our clear leadership in China's search market. Looking forward we will further integrate search with online activities such as e-commerce and social networking and I am confident that Baidu will remain at the center of China's Internet ecosystem."
Looking forward, the company sees first-quarter revenue of $360.6-$371.2 million, ahead of the Street's view of $354.06 million.
"I am pleased to report another quarter of stellar top and bottom line growth," commented Jennifer Li, Baidu's chief financial officer. "I'm also excited to note that in 2010 we enjoyed accelerating top line growth and record profitability despite substantial investment."
Shares of Baidu are up 6.39 percent to $115.57 in aftermarket movement on Monday.
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