Baidu Inc. Earnings Cheat Sheet: Big Profit Rise

Baidu, Inc. (NASDAQ:BIDU) reported higher profit for the third quarter as revenue showed growth. Baidu.com is a Chinese language Internet search provider.

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Baidu Earnings Cheat Sheet for the Third Quarter

Results: Net income for Baidu, Inc. rose to $295 million (84 cents per share), a rise of 80% from the year earlier quarter.

Revenue: Rose 85% to $654.7 million from the year earlier quarter.

Actual vs. Wall St. Expectations: BIDU reported adjusted net income of 86 cents per share. By that measure, the company beat the mean estimate of 83 cents per share. It beat the average revenue estimate of $618.6 million.

Quoting Management: Robin Li, chairman and chief executive officer of Baidu commented, “Baidu recorded stellar results in the third quarter driven by rapid growth in customer spending and user traffic. In particular, spending by large customers significantly outperformed our expectations as we continued to build strong relationships with high quality companies. China’s search industry is still in its early stages, and as the clear industry leader we see enormous room for continuing growth as users and online marketing customers become increasingly sophisticated.”

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 6 cents in the second quarter, by 3 cents in the first quarter, and by 4 cents in the fourth quarter of the last fiscal year.

Looking Forward: The average estimate for the fourth quarter remains unchanged at 86 cents a share. The average estimate for the fiscal year has remained at $2.89 per share.

Competitors to Watch: Google Inc. (NASDAQ:GOOG), Sohu.com Inc. (NASDAQ:SOHU), SINA Corporation (NASDAQ:SINA), Yahoo! Inc. (NASDAQ:YHOO), NetEase.com, Inc. (NASDAQ:NTES), InfoSpace, Inc. (NASDAQ:INSP), Microsoft Corporation (NASDAQ:MSFT), Youku.com Inc (NYSE:YOKU), and AOL, Inc. (NYSE:AOL).

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(Source: Xignite Financials)