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.
AppleShares of Apple (AAPL - Get Report) surged after the iPhone and iPad maker blew past Wall Street's expectations for its fiscal second-quarter results. The stock was last quoted at $601.74, up 7.4%, on volume of nearly 4 million after the Cupertino, Calif.-based company reported a profit of $11.6 billion, or $12.30 a share, on revenue of $39.2 billion. The average estimate of analysts polled by Thomson Reuters was for earnings of $10.04 a share on revenue of $36.81 billion. "We're thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter," said Tim Cook, the company's chief executive officer, in a statement. "The new iPad is off to a great start, and across the year you're going to see a lot more of the kind of innovation that only Apple can deliver." The company sold a total of 35.1 million iPhones, 11.8 million iPads, 4 million Macs, and 7.7 million iPods in the latest three-month period.
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