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Baidu Misses Top Line, Guides Lower

NEW YORK ( TheStreet) -- Chinese Internet search giant Baidu (BIDU - Get Report) reported mixed third-quarter results late Monday, as the company narrowly missed Wall Street's revenue expectations.

The Beijing-based company reported quarterly earnings of $1.37 per American Depository Share (ADS) on $994.6 million in revenue, up 49.7% year-over-year. On a non-GAAP basis, excluding certain items, Baidu earned $1.39 per share.

Analysts polled by Thomson Reuters were looking for the Google (GOOG) competitor to post a profit of $1.28 per share on just over $1 billion in sales.

"We are pleased to report a solid performance for the third quarter driven by encouraging customer growth and improvements to our monetization platform," said Robin Li, Baidu's chairman and CEO, in a statement. "During the quarter, we worked to improve user experience by more closely integrating Baidu's suite of market-leading vertical products with Web search."

Li continued: "Mobile and cloud represent our vision for the future of China's Internet, and Baidu will continue to proactively drive the development of this crucial ecosystem. We stand ready to meet the challenges and capture the opportunities the PC-to-mobile transition presents."

For the fourth quarter ending in December, Baidu said it expects revenue ranging from $979.3 million to $1.01 billion, a 37.6% to 41.8% year-over-year increase. Analysts polled by Thomson Reuters are currently looking for non-GAAP earnings of $1.31 a share on revenue of $1.028 billion.

Shares of Baidu have underperformed the Nasdaq this year, falling 2.26% year-to-date, compared to a 14.68% return for the tech-heavy index.

Baidu plans to hold a conference call at 8 p.m. EST to discuss the results.

Interested in more on Baidu? See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York.

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