Baidu Inc BIDU shares are trading higher by 3.5% to $147.96 Thursday morning. The stock is trading higher in sympathy with peer Chinese tech company Alibaba Group Holding after the company reported better-than-expected first-quarter financial results.
What Happened With Alibaba?
Alibaba posted 14% YoY growth in first-quarter FY23 revenue to $32.29 billion, surpassing the consensus of $31.20 billion. Non-GAAP earnings per ADS reached $2.40, exceeding the consensus of $2.02.
Segment highlights for Alibaba:
- Taobao and Tmall Group revenue rose 12% YoY to $15.85 billion.
- Alibaba International Digital Commerce Group revenue surged 41% YoY to $3.05 billion.
- Cloud Intelligence Group recorded 4% YoY growth to $3.47 billion.
- Digital Media and Entertainment Group saw a 36% YoY increase to $742 million...Read More
According to data from Benzinga Pro, Baidu has a 52-week high of $67.87 and a 52-week low of $31.56.
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