Baidu Shares Fall On Weaker Quarterly Profit

Shares of Baidu Inc. fell more than 8% in after-hours trade Wednesday after the company reported weaker-than-expected fourth-quarter earnings. The China-based company reported net income of $520.4 million and adjusted earnings per share of $1.61, below the $1.67 analysts in a FactSet poll had been expecting. Revenue came in at $2.1 billion, above the $2.3 billion consensus. For the first quarter, the Internet search company anticipates revenue of between $2.04 billion and $2.11 billion, above the $1.5 billion FactSet estimate.