Submitted by Fox First at Ten on July 23rd
NEW YORK (AP) - Chinese Internet search leader Baidu Inc. on Monday reported second-quarter profits that topped analysts' expectations, saying its ability to bring in new customers helped it overcome economic headwinds.
Net income in the three months to June 30 rose 70 percent to $436 million, or $1.24 per American Depositary Share.
Adjusted to exclude the cost of paying executives with stock, earnings came to $1.26 per ADS, exceeding the $1.12 per ADS expected by analysts polled by FactSet.
Revenue rose 60 percent to $859 million, also beating the $856 million expected by analysts.
Baidu's U.S.-traded shares rose $7.15, or 6.7 percent, to $114.25 in afterhours trading following the earnings release. They closed down 2.8 percent at $107.10 in the regular session.
The company said it expects to post third-quarter revenue of $983 million to $1.01 billion, a rise of 50 to 54 percent from a year ago. The midpoint in that range is higher than the $989 million analysts were looking for.
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