Baidu Shares Rally On Better-than-expected Earnings

U.S.-listed shares of Baidu Inc. gained in Thursday's extended session after the Chinese search engine turned in quarterly earnings that beat Wall Street's estimates. Baidu reported its first-quarter earnings fell to 1.98 billion yuan ($308.1 million), or 5.38 yuan per American depositary share, from 2.45 billion yuan, or 6.76 yuan per ADS, a year earlier. On an adjusted basis, the company would have earned 6.80 yuan a share, or $1.06. Revenue grew 31.2% to 15.82 billion yuan ($2.45 billion). Analysts surveyed by FactSet had forecast earnings of $1.01 a share. Baidu shares rose 3.5% in after-hours trading.