China’s Baidu tops profit estimates on advertising growth, shares jump

“The company expects second-quarter revenue of between 24.91 billion yuan ($3.93 billion) and 26.19 billion yuan ($4.13 billion)” writes Midwest Communications Inc for U.S.-listed shares of Baidu rose 5.8 percent to $252.55 in after-hours trading.(Reuters) – Chinese internet search giant Baidu Inc’s quarterly profit topped analysts’ forecasts, led by growth in its online advertising business.Baidu’s revenue rose about 24 percent to 20.91 billion yuan ($3.30 billion) in the first quarter ended March 31. Excluding one-time items, Baidu reported earnings of 16.30 yuan per ADS, above expectations of 10.57 yuan.

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