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.
The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
