Why Baidu Shares Are Trading Higher

Baidu Inc BIDU shares are trading higher by 3.5% to $147.96 Thursday morning. The stock is trading higher in sympathy with peer Chinese tech company Alibaba Group Holding after the company reported better-than-expected first-quarter financial results.

What Happened With Alibaba?

Alibaba posted 14% YoY growth in first-quarter FY23 revenue to $32.29 billion, surpassing the consensus of $31.20 billion. Non-GAAP earnings per ADS reached $2.40, exceeding the consensus of $2.02.

Segment highlights for Alibaba:

• Taobao and Tmall Group revenue rose 12% YoY to $15.85 billion.
• Alibaba International Digital Commerce Group revenue surged 41% YoY to $3.05 billion.
• Cloud Intelligence Group recorded 4% YoY growth to $3.47 billion.
• Digital Media and Entertainment Group saw a 36% YoY increase to $742 million...Read More

According to data from Benzinga Pro, Baidu has a 52-week high of $67.87 and a 52-week low of $31.56.