Baidu Inc. BIDU,
US certificates were up more than 2% in Wednesday’s extended session after the China-based internet company reported adjusted earnings above Wall Street expectations and sales that met expectations. Baidu said it made $ 794 million, or $ 2.31 per share, in the fourth quarter, compared to $ 2.61 per share a year ago. Adjusted for one-time items, Baidu earned $ 3.08 per share. Revenues were up 5% to $ 4.64 billion. Analysts polled by FactSet had expected Baidu to report adjusted earnings of $ 2.79 per share on revenue of $ 4.67 billion. “Baidu ended 2020 on a solid basis and our company benefited from the improvement of the macroeconomic environment and the digitization of the industrial Internet,” said co-founder and Chief Executive Robin Li in a statement. “Our focus on innovation through technology is paying off, as Baidu Core’s non-marketing revenues grew 52% year over year in the fourth quarter,” he said. Baidu led sales of between $ 4 billion and $ 4.4 billion for the first quarter of 2021, which would represent a growth rate of between 15% and 26% year on year.