Baidu Stock Blasts Off - TheStreet

Baidu Stock Blasts Off

Shares surge 18% after second-quarter profit doubles.
Author:
Publish date:

Updated from July 25

Baidu.com

(BIDU) - Get Report

soared toward an all-time high Thursday morning, a day after the Chinese Internet company breezed by Wall Street's second-quarter profit targets.

Net income increased 142.7% year over year to $18.6 million, or 54 cents a share.

Revenue soared 109.4% year over year to $52.7 million.

Analysts surveyed by Thomson First Call expected EPS of 43 cents on revenue of $49.25 million.

Shares rocketed $33.77 to $217 early Thursday. The 18% jump put the shares a dollar above their 52-week high.

"During the second quarter, we saw robust revenue growth and a healthy increase in online marketing customers," Baidu CEO Robin Li said in a press release.

For the coming quarter, Baidu sees revenue of $64.6 million to $66.5 million, way ahead of the $58.23 million consensus.