Baidu, which derives a significant portion of its revenues from search advertising similar to Google (GOOG), reported second-quarter earnings of $1.26 per share on $858.8 million in revenue, an increase of 59.8% year-over-year.
Analysts polled by Thomson Reuters expected the Chinese-based Internet company to generate a profit of $1.12 per share on $850.8 million in revenue.
Chairman and CEO Robin Li was pleased with the quarterly results but acknowledged the impact of macro headwinds. Li said the company plans to continue to expand its sales processes."In the coming quarters, we will maintain momentum by rolling out optimized sales processes and more advanced tools to help current and potential customers increase returns on their online marketing spend," Li said in a press release. "We will also continue to actively explore the vast opportunities in China's fast-emerging mobile Internet and cloud sectors." For the third-quarter, Baidu forecast revenue of $983 million and $1.01 billion. The current consensus view is for revenue of $992.7 million in the September-ending quarter. Shares of Baidu closed down sharply in Monday's regular trading, off 2.84% to wind up at $107.10. The stock rocketed higher in after-hours action, up 5% to $112.41, according to Nasdaq.com. Interested in more on Bidu? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull
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