Baidu Bid Way Up

Shares jump on strong earnings.
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Baidu

(BIDU) - Get Report

shares surged 23% after the Chinese-language Internet search giant said first-quarter earnings and revenue more than doubled from a year ago.

The Beijing-based company said earnings rose 143% from a year ago to $11 million, or 32 cents a share. Excluding stock-based pay costs, earnings were 37 cents a share. Revenue rose 103% from a year ago to $35.7 million.

Analysts surveyed by Thomson Financial were looking for a 33-cent profit on revenue of $34 million.

''During the first quarter, revenue continued to grow as we experienced strong traffic growth after the Chinese New Year,'' said CEO Robin Li. ''More and more customers are realizing that Baidu's online marketing platform is a very effective way to promote their products and services in China.''

Shares soared $24.40 to $129.08.