Baidu gave an upbeat forecast that highlighted how much China's leading online search company was benefiting from Google's partial exit from the Chinese market, after reporting a leap in first-quarter net profit.
Shares in Baidu jumped 14 per cent to a new high of $710.41 in after-hours trading on Nasdaq after the Chinese company reported late on Wednesday that net earnings in the three months to March 31 more than doubled from Rmb181.1m a year earlier to Rmb480.5m ($70.4m). Revenue was up 60 per cent year on year to Rmb1.29bn.
Baidu said it expected revenue to increase at an even faster pace of 67-70 per cent, year on year, in the second quarter.
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