Baidu reports its shares to increase steeply

In late Tuesday trading the Chinese search engine, Baidu, shares surged as the company unveiled results that beat Wall Street anticipations and boosted its guidance for the first quarter.

Baidu reported it earned $1.88 per share in its Q4, compared to $1.22 a share this time last year.

Sales for the most recent quarter reached $184.7 million, up from $132 million in the same period last year.

Analysts following the company expexted Baidu to earn $1.69 a share on a topline of $180 million.

Baidu boosted its first-quarter revenue guidance to between $176 million and $181 million. Earlier consensus was $170 million.

Baidu shares thus soared  by over 9% in extended trading Tuesday.

The search engineer’s stock fell by 1.85 percent to finish the regular New York Stock Exchange session at $435.01. Volume reached almost 2 million shares before the close.