Baidu 2nd-Quarter Profit, Sales More Than Double; Shares Soar Aftermarket

Published: July 25, 2007, 8:06 pm

Tags: investing, china, technology, social networking, domains

WOW! Chinese search engine operator Baidu.com Inc. said Wednesday its second-quarter profit and revenue more than doubled, easily surpassing Wall Street’s expectations. The company’s American Depositary shares soared nearly 20 percent in after-hours electronic trading as a result. Baidu earned 141.9 million yuan ($18.6 million), up from 58.5 million yuan in the same period a year ago. Earnings per share totaled 4.09 yuan (54 cents), up from 1.69 yuan a year earlier. Revenue jumped to 401.3 million yuan ($52.7 million) from 189.1 yuan a year ago. Analysts polled by Thomson Financial were expecting earnings of 43 cents per share on revenue of $49.3 million. “During the second quarter, we saw robust revenue growth and a healthy increase in online marketing customers,” said Robin Li, chairman and chief executive, in a statement. The Beijing-based company’s American Depositary shares jumped $35.77, or 19.5 percent, to $219 in after-hours trading. The stock had

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