Baidu Inc. Earnings: Profit Rises Year-Over-Year
Baidu, Inc. (NASDAQ:BIDU) reported its results for the first quarter. Baidu.com is a Chinese language Internet search provider.
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Baidu Earnings Cheat Sheet for the First Quarter
Results: Net income for Baidu, Inc. rose 76% to $299 million (87 cents per share) from the year-earlier quarter.
Revenue: Rose 75% to $677.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Baidu, Inc. beat the mean analyst estimate of 84 cents per share. Analysts were expecting revenue of $677.5 million.
Quoting Management: “We’ve started the year with solid financial results and steady business progress,” said Robin Li, chairman and chief executive officer of Baidu. “Although this is usually a seasonally slow quarter, our effective sales and marketing efforts enabled us to expand our SME customer base significantly.”
Looking Forward: The average estimate for the second quarter remains unchanged at $1.13 a share. The average estimate for the fiscal year is $4.63 per share, a rise from $4.51 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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