Baidu Inc. BIDU,
U.S. depository receipts rose more than 2% in the extended session on Wednesday after the China-based Internet company reported adjusted gains above Wall Street’s expectations and sales that met forecasts. According to Baidu, it earned $ 794 million in the fourth quarter, or $ 2.31 per share, compared to $ 2.61 per share a year ago. Adapted for one-time items, Baidu earns $ 3.08 per share. Revenue rose 5% to $ 4.64 billion. Analysts polled by FactSet expected Baidu to report adjusted earnings of $ 2.79 per share on sales of $ 4.67 billion. “Baidu has concluded 2020 on a good note with our business benefiting from the improvement of the macroeconomic environment and the digitalisation of industrial internet,” said Robin Li, co-founder and CEO, in a statement. “Our focus on innovation through technology is bearing fruit, as Baidu Core’s non-marketing revenue increased 52% year-on-year in the fourth quarter,” he said. Baidu led between $ 4 billion and $ 4.4 billion for the first quarter of 2021, representing a 15% to 26% year-on-year growth rate.
