Baidu, Inc. (NASDAQ: BIDU) on Monday reported higher revenues for the third quarter, which translated into an increase in earnings. Shares of the tech firm gained during the extended trading session immediately after the announcement.
Revenues of the China-based online search company advanced 1% annually to RMB28.23 billion ($4.16 billion) during the September quarter, supported by strong contributions from both the business segments. The top-line also exceeded analysts’ forecast.
At the end of the quarter, the Baidu app had 206 million daily active users and 544 million monthly active users.
Adjusted earnings rose to RMB20.35 per ADS ($3.00 per ADS) from RMB12.61 per ADS last year and came in above the estimates. On an unadjusted basis, net profit was RMB13.68 billion ($2.02 billion) or RMB39.79 per ADS ($5.86 per ADS), compared to a loss of RMB18.37 per ADS a year earlier.
Read management/analysts’ comments on Baidu’s Q3 2020 results
Baidu’s stock, which has gained 8% since the beginning of the year, is trading slightly below the $150-mark. It closed Monday’s regular session higher and maintained the uptrend after the earnings release.