NEW YORK: Baidu shares soared in after-hours trading Thursday after China's leading Internet search engine posted sharply higher quarterly net profit and revenue.
Baidu said net profit increased 79.8 percent to $295 million in the third quarter compared to the same quarter a year ago.
Revenue was up 85.1 percent to $654.7 million in the quarter which ended on September 30.
Baidu shares gained 8.39 percent in after-hours trading to $150.00 after closing 5.80 percent higher on Wall Street on Thursday.
"Baidu recorded stellar results in the third quarter driven by rapid growth in customer spending and user traffic," chairman and chief executive Robin Li said in a statement.
"China's search industry is still in its early stages, and as the clear industry leader we see enormous room for continuing growth as users and online marketing customers become increasingly sophisticated," Li said.
Baidu said it expects revenue of between $691.4 million and $711.0 million in the fourth quarter.
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