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Baidu (BIDU) Forecast Exceeds Analysts' Projections
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Tech
Posted on 02/10/10 at 12:48am by Daniel James Hayden IV
After reporting a 4th quarter earnings increase of 48%, the Chinese Internet company Baidu, Inc. (Nasdaq: BIDU) surprised analysts with its forecast for 1st quarter revenue.
Baidu, Inc. said it expects revenue of $176 million to $181 million in the 1st quarter.
A poll of analysts by Thomson Reuters revealed a consensus forecast of $170 million.
Baidu rolled out a new advertising system called Phoenix Nest, which Baidu said is already exceeding expectations.
"The year ended on a positive note as Phoenix Nest's better-than-anticipated performance helped us to exceed expectations for the fourth quarter," said Chairman and Chief Executive Robin Li.
Baidu has already benefited from the possible exit of its biggest rival, Google Inc. (Nasdaq: GOOG), from the Chinese market.
Baidu may benefit further from Google's conflict with the Chinese government, as Baidu is now the default search engine for all Motorola Inc. (NYSE: MOT) phones in China that use Google's Android operating system.
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