The shares of Baidu.com, Inc. (ADR)(NASDAQ:BIDU) are performing quite well in afterhours session rebounded over 7% to $115 after the China’s search engine giant posted better than estimate second quarter earnings and lifted its full year guidance.
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The company said that it earned RMB2.770 billion ($436.0 million) or $1.24 a share and adjusted EPS stood at $1.26, ahead of analysts forecast by 14 cents. Revenue came in at RMB5.456 billion ($858.8 million), up 59.8% year over year. Analysts were targeting the company to report $850.78 million. Online marketing revenues for the second quarter of 2012 were RMB5.452 billion ($858.1 million), representing a 59.7% increase from the corresponding period in 2011.
For the current quarter, Baidu currently expects to generate total revenues in an amount ranging from RMB6.245 billion ($983.0 million) to RMB6.410 billion ($1.009 billion) for the third quarter of 2012, representing a 49.6% to 53.5% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.
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Share of BIDU had been under severe selling pressure over the past three months on slowing growth rate in China. However, the company has shown strong quarterly numbers and upped earnings guidance as well.