Baidu, Inc. (NASDAQ: BIDU) said late Wednesday that its first-quarter profit jumped to $163.5 million, or 47 cents per American Depository Share, from $70.4 million or $2.10 per share before a 10-for-1 stock split a year ago. Revenue surged to $372 million from $189.60 million. Analysts, on average, expected the company to report earnings of 45 cent per share on revenue of $367.38 million.
"Monetization improvements combined with continuing solid traffic growth drove another great quarter for Baidu," said Robin Li, chairman and chief executive officer of Baidu. "We remain focused on enhancing our Phoenix Nest platform to improve return on investments for our existing customers and enhancing awareness of the benefits of search engine marketing among the tens of millions of SMEs and large companies in China who are not yet using our Phoenix Nest platform."
Looking ahead, the company said that it expects second-quarter revenue to come in between $493.3 million and $503.9 million.
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