NEW YORK ( TheStreet) -- Shares of Baidu ( BIDU) 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.
For its fiscal third quarter ending in June, Apple sees earnings of $8.68 a share on revenue of $34 billion. Wall Street's current consensus view is for a profit of $9.93 a share on revenue of $37.45 billion. Other stocks active in the extended session included Fortinet ( FTNT), whose shares rose 4.3% to $26.86 on volume of more than 170,000 after the Sunnyvale, Calif., network security company reported in-line earnings with revenue of $117.2 million, better than Wall Street's consensus view of $114.9 million; and Aflac ( AFL), whose stock gained 5.6% to $44.34 on volume of more than 125,000 after the insurance company reported operating earnings of $814 million, or $1.74 a share, for its first quarter and lifted the sales outlook for its Japan business, saying it now expects growth of 10% vs. a prior expectation for a sales decline. -- Written by Michael Baron in New York. >To contact the writer of this article, click here: Michael Baron.