Baidu Inc BIDU is trading higher Tuesday after the company reported better-than-expected fourth-quarter financial results.
Baidu said quarterly revenue increased 9% year-over-year to $5.19 billion, which beat the $5.09 billion estimate. The company reported quarterly earnings of $1.82 per share, which beat the estimate of $1.38 per share.
"Baidu concluded a solid 2021, evidenced by a strong growth in our non-advertising business, particularly the acceleration of Baidu AI Cloud," said Robin Li, co-founder and CEO of Baidu. "Our strategic commitments are closely geared with China's endeavors in technology innovation and transition to a green economy."
Baidu operates the largest internet search engine in China. The company aims to make the complicated world simpler through technology.
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BIDU Price Action: Baidu has traded as low as $132.14 and as high as $311.18 over a 52-week period.
The stock was up 7.29% at $163.55 Tuesday morning.
Photo: Daniel Cukier from Flickr.
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