ADVFN - Advanced Financial Network.
HOME» NASDAQ » B » BIDU Stock Price » BIDU Stock News

Baidu Share News

 Baidu - Ads (mm) Stock Price
BIDU Stock Price
 Baidu - Ads (mm) Stock Chart
BIDU Stock Chart
 Baidu - Ads (mm) Stock News
BIDU Stock News
 Baidu - Ads (mm) Company Information
BIDU Company Information
 Baidu - Ads (mm) Stock Trades
BIDU Stock Trades

Baidu 1Q Profit Jumps 76% On In-Line Revenue Growth

DOW JONES NEWSWIRES Baidu Inc.'s (BIDU) first-quarter earnings surged 76% as the Chinese Internet search giant's revenue continued to surge. American depositary shares were still off 10% at $122 after hours as investors took a dim view toward a top line that was merely in-line with expectations. Baidu, which generates almost all its revenue from search advertising, has posted double-digit earnings growth over the past year on soaring ad sales. The company has solidified its market-leading position after U.S.-based rival Google Inc. (GOOG) shifted its local search traffic to Hong Kong in 2010 following a disagreement with Chinese officials over online censorship. The company has also been branching out from search advertising with its own Internet browser and offerings of games and other mobile phone content. "We are committed to this aggressive investment strategy for the year ahead and will maintain our focus on managing operational efficiency to ensure sustainable growth," Chief Financial Officer Jennifer Li said, referring to the company's ramped up spending on network infrastructure. Baidu posted a profit of 1.88 billion Chinese yuan ($299 million), or CNY5.38 (85 U.S. cents) per ADS, up from CNY1.07 billion, or CNY3.06 an ADS, a year earlier. Excluding stock-based compensations costs, earnings reached CNY5.48 (87 U.S. cents) per ADS. Analysts polled by Thomson Reuters were expecting 84 cents. Revenue jumped 75% to CNY4.26 billion ($677.1 million). Baidu's guidance in February forecast a top line between CNY4.2 billion and CNY4.33 billion. Revenue was also in line with analysts' expectations. Overhead costs climbed 44% in the latest quarter, while research and development costs grew 85% as the company hired more personnel. Looking ahead to the current quarter, the company predicted revenue between CNY5.34 billion ($847.2 million) and CNY5.46 billion ($867 million), bracketing the average $860 million estimate from analysts polled by Thomson Reuters. Conversion rates are based on noon buying rate in New York on March 30 as certified by the Federal Reserve Bank of New York. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

Stock News for Baidu (BIDU)
DateTimeHeadline
03/23/201703:02:00Chief Scientist Resigns at Baidu -- WSJ
03/22/201708:21:00Baidu Chief Scientist Andrew Ng Exits Chinese Internet Giant...
03/09/201707:40:00WikiLeaks Dump Adds to China's Foreign-Tech Wariness
02/24/201716:52:00ADRs End Lower; Baidu, Grana y Montero Trade Actively
02/24/201706:13:33Report of Foreign Issuer (6-k)
02/23/201716:30:00Baidu Announces Fourth Quarter and Fiscal Year 2016 Results
02/21/201706:11:06Report of Foreign Issuer (6-k)
02/13/201716:40:45Amended Statement of Ownership (sc 13g/a)
02/10/201708:00:00Baidu to Report Fourth Quarter and Fiscal Year 2016 Financial...
01/24/201707:03:50Amended Statement of Ownership (sc 13g/a)
01/17/201706:20:03Report of Foreign Issuer (6-k)
01/16/201720:00:00Baidu Appoints Dr. Qi Lu as Group President and Chief Operating...
01/13/201710:41:55Amended Statement of Ownership (sc 13g/a)
12/08/201606:00:00Baidu Shared Inspur Partnership Success at Gartner Data Center...
11/25/201603:02:00Tech Companies Tap New Talent From Academia -- WSJ
11/24/201610:29:00Tech's AI Hiring Frenzy Is Spurring an Academic Brain Drain
10/28/201609:50:00U.S. Hot Stocks: Hot Stocks to Watch
10/28/201606:10:05Report of Foreign Issuer (6-k)
10/27/201616:30:00Baidu Announces Third Quarter 2016 Results
10/17/201607:00:00Baidu Adopts Xilinx to Accelerate Machine Learning Applications...

Baidu and other NASDAQ stock quotes are delayed by at least 20 minutes.
All other stock price and quote data is delayed by at least 15 minutes unless otherwise stated. By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2016 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US