Baidu (NASDAQ: BIDU) is up more than 10% in morning trading following yesterday’s better-than-expected second-quarter results.
China’s Internet search leader reported its quarterly earnings jumped 72% from a year ago to $1.24. Sales totaled $858.8 million, which was up 62.5% year over year. Wall Street had expected revenue of $853.4 million and profit of $1.11 per share.
Baidu said it expects sales of $983 million to $1 billion this quarter, up from $654 million in the third quarter of 2011. The consensus estimate calls for $992.7 million.
Like rival Google (NASDAQ: GOOG), Baidu has been focusing its efforts on mobile advertising and mobile hardware manufacturing. Baidu this year has introduced a series of smartphones, and the company is developing a low-cost smartphone, as well.
Shares are trading near $118.35 and the 52-week trading range is $99.71 to 165.96. Thomson Reuters had a consensus analyst price target of $175.66 before this news. Google is down about 0.6% to $612.13.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
