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Baidu Shares Soar as Profits Rise 165%

Baidu shares are soaring in premarket trading Thursday after the operator of China's No. 1 Internet search engine said first-quarter profit rose 165%.

BEIJING (

TheStreet

) --

Baidu

(BIDI)

shares are soaring in premarket trading Thursday after the operator of China's No. 1 Internet search engine said first-quarter profit rose 165%.

Baidu said earnings rose to $70.4 million, or $2.02 a share. Revenue rose 60% to $189.6 million.

Analysts surveyed by Thomson Reuters expected Baidu to report profits of $1.50 a share on revenue of $180 million.

Baidu benefited greatly from

Google's

(GOOG) - Get Alphabet Inc. Class C Report

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decision to

shut its search engine in China

and move it to Hong Kong.

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Baidu said it expects second-quarter revenue to rise 67% to 70% to between $268 million and $274 million.

Baidu sharres were at $714 in premarket trading Thursday; the stock closed at $621.38 on Wednesday.

-- Reported by Joseph Woelfel in New York.

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