Baidu Inc unveiled better-than-anticipated fourth quarter results, as China’s long-dominant Internet search firm’s investments in mobile begin to yield results and attract advertising. Resonating the performance, Baidu’s shares surged by as much as 14% in U.S. after-hours trade. Its shares were up 9.37% at $172.95 in New York at the time of writing.
Baidu’s sales beat analysts’ estimates
The Beijing-based company’s sales rose 33% to 18.7 billion yuan ($2.9 billion) in the December quarter from a year earlier. On average, analysts had anticipated 18.5 billion yuan in sales, according to data compiled by Bloomberg. Baidu had anticipated revenue of 18.2 billion to 18.75 billion yuan.
Baidu’s revenue rose on the back of...
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