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was tumbling 5.78% to $87 per American depositary share in afterhours trading after the leading Chinese Internet search engine posted lower-than expected first-quarter results as it continues to be challenged by up-and-coming players in the mobile-phone space.

Still, Robin Li, the chairman and CEO of Baidu, said in a statement that the company's mobile offerings are making "exciting progress," with its flagshipmobile-search product having now surpassed 100 million daily active users, which is more than a 25% increase from the end of the fourth quarter.

"We remain committed to investing aggressively, particularly in marketing and R&D," said Jennifer Li, Baidu's CFO. "By deploying resources in the most strategically important areas of our business, we're confident we can build exceptional long-term value for shareholders."

The company reported earnings per ADS of 95 cents and excluding share-based compensation expenses of $1.

Revenue increased 40% to $961 million in the first quarter from a year ago.

On average, analysts surveyed by Thomson Reuters were expecting earnings per ADS of $1.03 on revenue of $969.27 million.

Baidu reiterated second-quarter revenue expectations in the range of $1.187 billion to $1.216 billion, vs. the consensus target of slightly more than $1.2 billion.

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-- Written by Andrea Tse in New York

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Andrea Tse