Baidu Soars After Hours As Q1 Revs, Profits Easily Top Estimates

Baidu (BIDU) shares are trading sharply higher after hours on strong Q1 financial results.

The China-based search engine posted revenue of $189.6 million and non-GAAP profits of $2.10 a share, beating the Street consensus at $180.1 million and $1.50. The company said the performance of its Phoenix Nest ad platform “continued to exceed our expectations.”

For Q2, the company sees revenue of $268.1 million to $274 million, ahead of the Street at $240.1 million.

In late trading, BIDU is up – get this – $83.65, or 13.5%, to $705.03.