Search engine Baidu's Q1 profit jumps 165%
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Baidu Inc, which operates China's most popular Internet search engine, said Thursday its first-quarter profit jumped 165 percent on a rise in revenue and numbers of advertising customers.
Net income in the three months to March 31 rose to $70.4 million, or $2.02 a share, the Beijing-based company said. Revenue grew 60 percent to $189.6 million.
Both exceeded the expectation in a Thomson Reuters poll of analysts, which forecast earnings of $1.50 per share on revenue of $180 million.
Baidu got a big boost in China last month after Google Inc shut its mainland-based search engine to move to the Chinese territory of Hong Kong.
Baidu said it had about 221,000 active online marketing customers, up nearly 20 percent from a year earlier but down 1 percent from the previous quarter.
Revenue per online marketing customer rose 34 percent from a year earlier to $864. That figure was up 3.5 percent from the previous quarter.
For the second quarter, Baidu said it expects revenue to rise 67 percent to 70 percent to between $268 million and $274 million.
Baidu's American depositary shares rose $88.61, or 14.3 percent, to $709.99 in after-hours trading on Wednesday, after climbing $1.27 to close at $621.38 in the regular session.
The company also announced a 10-for-1 split for its American depositary shares that will be reflected in share prices as of May 12. The ordinary shares are not changing.
