Baidu Sinks on Q1 Earnings Results
Chinese internet search giant Baidu.com (NASDAQ: BIDU) released its fiscal first quarter earnings results after the closing bell on Tuesday. The company reported net income of $299.0 million or $0.85 per share.
On a non-GAAP basis, which is comparable to analysts' consensus, Baidu reported earnings of $304.6 million or $0.87 per share, representing a 74.1% increase over the year ago period. This came in ahead of analysts' consensus EPS estimates of $0.84.
Total revenues for the quarter came in at $677.1 million, which missed Wall Street analysts' consensus revenue estimates of $677.37 million.
Looking ahead, BIDU said that it expects total revenues in a range between $847.2 million and $867.0 million for the fiscal second quarter. This compared to current Wall Street revenue estimates of $860.16 million.
In Tuesday's after hours trading session, BIDU shares have lost more than 10% to $121.83 as investors react to the company's lower than expected Q1 revenues.
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