Chinese search engine and autonomous driving giant Baidu reported first-quarter earnings that beat Wall Street expectations, sending its shares higher in pre-market trading.
Baidu's revenue for the first quarter reached RMB 28.13 billion ($4.29 billion), up 25% year-on-year, beating Wall Street's expectations of RMB 27.286 billion.
The company reported an adjusted operating profit of RMB 4.36 billion for the quarter, beating Wall Street's estimate of RMB 3.44 billion. Its net profit under Non-Gaap was RMB 4.297 billion, up 39 percent from a year earlier.
Baidu's core business revenue in the first quarter was RMB 20.5 billion, up 34% year-on-year.
Its online marketing revenue was RMB 16.3 billion, up 27% year-on-year. Non-marketing revenue was RMB 4.2 billion, up 70% year-on-year, driven mainly by cloud services.
Net income attributable to Baidu for the first quarter was RMB 25.7 billion, with diluted earnings per ADS of RMB 73.76 (US$11.26).
Net income attributable to Baidu's core businesses was RMB 26.4 billion, while net income attributable to Baidu under Non-Gaap was RMB 4.3 billion.
Baidu shares traded in the US rose 3.89 percent to $196.56 in the pre-market trading session. So far this year, the company has accumulated a modest 13% decline amid a general sell-off in technology stocks.
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