July 24 (Bloomberg) -- Baidu.com Inc., operator of China's most-used Internet search engine, surged 13 percent in extended U.S. trading after second-quarter profit and sales forecast beat analysts' estimates.
The company's American depositary receipts gained $38.38 to $327.08 at the end of after-hours trading. Baidu said yesterday second-quarter profit rose 87 percent from a year earlier to 265 million yuan ($38.8 million), beating the 233.5 million yuan median of seven analysts' estimates in a Bloomberg survey.
Chief Executive Officer Robin Li added to Baidu's lead over Google Inc. in China by introducing services such as online games from Shanda Interactive Entertainment Ltd. and anti-virus software from Kingsoft Corp. Baidu has almost two-thirds of China's search market, the world's largest by users.
``They did good in the second quarter,'' said Elinor Leung, an analyst with CLSA Ltd. in Hong Kong who recommends investors buy the stock. ``They did a good job of getting more large corporate customers to advertise with them, in addition to more small and medium sized businesses.''
Net income increased to 7.62 yuan per ADR from 4.09 yuan a year earlier, Baidu said. Sales doubled to 802.6 million yuan, beating the 793.3 million yuan median of seven analysts' estimates.
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