Why Baidu Shares Are Seeing Blue Skies Today

Baidu Inc BIDU shares are trading higher by 3.73% to $123.34 Thursday afternoon. Shares of several large-cap Chinese tech stocks are trading higher in sympathy with JD.Com Inc, which reported better-than-expected first-quarter results.

What Happened With JD.Com?

JD.Com reported quarterly earnings of 69 cents per share which beat the analyst consensus estimate of 50 cents.

The company reported quarterly sales of $35.38 billion which beat the analyst consensus estimate of $34.64 billion by 2.1%. This sales figure represents a 6.4% decrease over sales of $37.80 billion in the same period last year.

Meanwhile, JD.Com's net product revenue declined by 4.3% Y/Y to $28.5 billion. Net service revenues rose 34.5% Y/Y to $6.9 billion. JD Retail revenue declined by 2.4% Y/Y to $30.9 billion...Read More

According to data from Benzinga Pro, Baidu Inc has a 52-week high of $160.88 and a 52-week low of $73.58.