Mon. Nov 18th, 2019

Baidu U.S. stock rallies on earnings beat

1 min read

U.S. shares of Baidu Inc.

BIDU, +7.78%

rallied in the extended session Monday after the after the Chinese internet search company topped Wall Street estimates. Baidu American depositary receipts rose 5% after hours, following a 7.8% gain in the regular session to close at $104.22. The company reported swinging to second-quarter net income of $351 million, or 96 cents a share, compared with a loss in the year-ago period. Adjusted earnings were $1.47 a share. Revenue rose 1% to $3.84 billion from the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 88 cents on revenue of $3.66 billion. Baidu expects third-quarter revenue of $3.84 billion to $4.07 billion, while analysts had forecast on revenue of $3.99 billion.

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