Baidu 1Q profit rises; revenue outlook disappoints
Baidu Inc., China's leading search engine, said Tuesday that first-quarter net income increased 76 percent as it attracted more customers and revenue per customer rose.
But the company gave an outlook below analysts' expectations and its stock fell in after-hours trading.
The company said it expects second-quarter revenue of $847 million to $867 million, below the $869.6 million expected by analysts, according to FactSet.
Shares fell $13.95, or 10.3 percent, to $121.88 in after-hours trading, after dropping $3.83, or 2.7 percent, to close at $135.83 in the regular session.
Net income in the three months that ended March 31 rose to $299 million, or 85 cents per share. Excluding share-based compensation expenses, adjusted earnings came to 87 cents, beating the 86 cents expected by analysts polled by FactSet. Revenue grew 75 percent to $677.1 million. Analysts expected revenue of $679.3 million.
Baidu said its active online marketing customers rose 17 percent to about 321,000, in the period. Revenue per customer rose 49 percent.