Baidu, Inc. (NASDAQ: BIDU) on Wednesday reported higher revenues for the fourth quarter. Shares of the tech firm gained during the extended trading session immediately after the announcement.
Revenues of the China-based online search company advanced 5% annually to RMB30.2 billion ($4.64 billion) during the December-quarter, supported by strong contributions from both the business segments.
At the end of the quarter, the Baidu app had 544 million monthly active users.
Meanwhile, adjusted earnings dropped to RMB20.08 per ADS ($3.08 per ADS) from RMB26.54 per ADS last year. On an unadjusted basis, net profit was RMB5.17 billion ($794 million) or RMB15.05 per ADS ($2.31 per ADS), compared to RMB18.25 per ADS in the fourth quarter of 2019.
Baidu’s stock, which has gained 42% since the beginning of the year, closed Wednesday’s regular session lower but gained during the extended session soon after the earnings release.
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