Shares of Baidu.com, Inc. (ADR) (NASDAQ:BIDU) are gaining in extended hours following a 5.80% jump in the regular session after the company reported about 80% jump in its profit helped by 85.10% increase in its revenue for the third quarter. The company also provided solid forecast for the current quarter.
Baidu.com, Inc. reported that its net income during the quarter soared to 79.80% year-over-year to RMB1.882 billion ($295.0 million). On an adjusted basis, the company earned 86 cents a share, surpassing analysts’ estimates by 3 cents.
Revenue during latest quarter also grew 85.1% year-over-year RMB4.175 billion ($654.7 million) helped by rapid growth in customer spending and user traffic. Analysts were targeting revenue of $618.6 million.
Going forward, for the fourth quarter, the company projects to generate revenue within the range of RMB4.410 billion ($691.4 million) to RMB4.535 billion ($711.0 million), representing 79.9% to 85.0% year-over-year growth, beating analysts’ estimates of $647 million.
The company has beat analysts’ estimates for the fifth consecutive quarters.
Shares of BIDU added $11.81 or 8.53% to $150.16 in after-hours on high volume. The stock traded above $150 last in early August.
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