Fans Bid Up Baidu

The stock soars 21% after strong earnings.
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Baidu

(BIDU) - Get Report

soared 22% after the Chinese Internet company reported better-than-expected first-quarter results.

Baidu, a search engine, made $5.4 million, or 16 cents a share, excluding stock-based pay costs, on sales of $16.9 million. Analysts were looking for a pro forma profit of 12 cents a share on sales of $15.1 million.

The company expects second-quarter revenue of $23 million, ahead of Wall Street expectations of $17.6 million. Shares of Baidu soared $13.47 to $74.85 in after-hours trading.

"Baidu posted another strong quarter as we continued to extend our leadership in the Chinese search market," said CEO Robin Li. "Our customer base expanded as we further strengthened our distribution capability and as companies in China increasingly realized the benefits of Baidu's pay-for-performance online marketing platform."