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Baidu shares see surge
By Ding Yining |
April 29, 2010, Thursday
|
Online Edition
Online Edition
BAIDU shares surged more than 10 percent to their highest level in history in after hours trading on the NADSAQ after profits for the first quarter more than doubled.
The top Chinese search engine provider saw net income surge 165 percent from the same period last year to US$70.4 million, the company said.
"We benefited from Google's semi-exit," Baidu CEO and Chairman Robin Li said.
The company expects "healthy" growth in customers and average spending by clients will continue, he added.
Baidu's revenues during the first three months this year rose 59.6 percent to US$189.5 million. The number of its active online marketing customers rose 19.5 percent from a year ago to around 221,000, the company said.
"Our new Phoenix Nest's performance exceeded our expectations and customers continue to appreciate its superior return on investment," Li said.
"We will continue to expand our R&D and sales teams to drive improvements in technology and monetization," said chief financial officer Jennifer Li.
Baidu's guidance for its second quarter income is between US$268.1 million to US$274 million, which represents a 67 to 70 percent year on year increase.
The top Chinese search engine provider saw net income surge 165 percent from the same period last year to US$70.4 million, the company said.
"We benefited from Google's semi-exit," Baidu CEO and Chairman Robin Li said.
The company expects "healthy" growth in customers and average spending by clients will continue, he added.
Baidu's revenues during the first three months this year rose 59.6 percent to US$189.5 million. The number of its active online marketing customers rose 19.5 percent from a year ago to around 221,000, the company said.
"Our new Phoenix Nest's performance exceeded our expectations and customers continue to appreciate its superior return on investment," Li said.
"We will continue to expand our R&D and sales teams to drive improvements in technology and monetization," said chief financial officer Jennifer Li.
Baidu's guidance for its second quarter income is between US$268.1 million to US$274 million, which represents a 67 to 70 percent year on year increase.
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