Baidu.com (Ticker: BIDU, Market: NASDAQ) has released first quarter earnings Wednesday morning, beating estimates with soaring profits and an expanded customer base. BIDU stock price has jumped up +17.74 (28.90%), currently trading at 79.12 per share.
For the quarter through March, the Beijing-based company said it earned 35.2 million yuan ($4.4 million; euro3.5 million), or 1.02 yuan per share (13 cents per American depositary share). A year ago, the company earned just 2.5 million yuan, or 0.08 yuan per share.
Sales tripled to 135.6 million yuan ($16.9 million), compared with last year’s 45.7 million yuan.
I had previously mentioned BIDU on April 5th, in my article: Eye on China Internet Stocks, at which point BIDU was trading at 55.50 per share. Since my original article on April 5, BIDU has soared +23.62 (42.56%).