NEW YORK ( TheStreet) -- Shares of Baidu (BIDU - Get Report) dropped in late trades on Tuesday after the China-based Internet search company reported a sequential decline in revenue in its latest quarterly results.
The company posted a net income of $299 million for the three months ended March 31 on revenue of $677.1 million. Non-GAAP earnings per share came in at 87 cents. In the fourth quarter of 2011, Baidu's net income was $326.3 million with revenue totaling $710.9 million.
The stock was last quoted at $121.77, down 10.4%, on volume of more than 1.3 million, according to Nasdaq.com.
Baidu held the line on traffic acquisition costs, which came in at $52.6 million, or 7.8% of revenue, vs. $56.2 million, or 7.9% of revenue in the fourth quarter. Selling, general and administrative expenses jumped 44% from a year earlier to $76 million, reflecting increased personnel costs.For the second quarter, Baidu said it expects revenue ranging from $847.2 million to $867 million.