Baidu reports jump in 4th-quarter profit and revenue

Reuters News
Posted: Feb 16, 2012 5:08 PM

SAN FRANCISCO (Reuters) - China's top search engine, Baidu Inc, beat Wall Street's earnings estimates as its revenue grew more than 80 percent year-on-year in the fourth-quarter.

Shares of Baidu surged more than 4 percent to $147.64 in after-hours trade on Thursday.

Baidu said it expects first-quarter revenue of $666.5 million to $688 million. Analysts polled by Thomson Reuters I/B/E/S were looking for revenue of $678.8 million.

For the fourth quarter, Baidu reported net income of $326.3 million, or 93 cents per American depositary share. Analysts, on average, were looking for earnings of 91 cents per ADS, according to Thomson Reuters I/B/E/S .

Baidu's revenue came in at $710.9 million, a hair above the average analyst expectation of $708.8 million. At this time last year, Baidu reported revenue of $371.3 million.

(Reporting By Alexei Oreskovic, with additional reporting by Melanie Lee; Editing by Steve Orlofsky)