UPDATE: Baidu Q2 Profit Up 70%
Baidu (NASDAQ: BIDU) reported a 70% surge in its second-quarter profit.
Baidu's quarterly profit rose to 2.77 billion Chinese yuan ($436 million), versus CNY1.63 billion, in the year-ago period. Its revenue climbed 60% to CNY5.46 billion ($858.8 million), versus analysts' estimates of $853 million.
Baidu's overhead costs surged 56%, while research-and-development costs jumped 83%.
Baidu expects Q3 revenue between CNY6.25 billion ($983 million) and CNY6.41 billion ($1.01 billion), versus analysts' estimates of $993 million.
Baidu shares closed at $107.10 yesterday.
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