Baidu.com, Inc. (BIDU) Reports 100% Increase in Second Quarter Revenues, 86.7% Increase in Net Income
Baidu.com, Inc. (BIDU), the leading Internet search provider in China, reported better than expected second quarter results today after the close. Revenues soared 100% year-over-year to $117.0 million (RMB 802.6 million) vs. analysts’ estimates of $112.5 million. Net income rose an impressive 86.7% to $38.6 million (RMB 265.0 million), or $1.11 cents per diluted share. On a non-GAAP basis, excluding share-based compensation expense, earnings per share were $1.23. Analysts were expecting earnings of 98 cents per share. "This quarter saw impressive growth for Baidu," said Robin Li, Baidu's chairman and chief executive officer. "Our ability to make such progress was…