Baidu ADRs Rally 7% After Earnings Beat

By Claudia Assis Markets MarketWatch Pulse

American depositary receipts of Baidu Inc. rose more than 7% late Thursday after the company reported second-quarter adjusted earnings and sales above Wall Street expectations. Baidu reported net income of $651 million, or $1.67 a share, in the quarter, compared with 95 cents a share in the year-ago period. Adjusted for one-time items, Baidu earned $2.36 a share, compared with $1.16 a year ago. Revenue rose 14% to $3.08 billion, the company said. Analysts polled by FactSet had expected adjusted earnings of $1.44 a share on sales of $3.06 billion. Baidu said it expects revenue of $3.4 billion to $3.5 billion for the third quarter. The analysts surveyed by FactSet peg sales at $3.4 billion in the quarter. The ADR ended the regular trading session down 0.1%.

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