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Stock Alert: Baidu Rises 9% After Reporting Upbeat Results

Shares of Baidu, Inc. (BIDU), Chinese technology company specializing in Internet-related services and products and artificial intelligence, are climbing more than 9% Tuesday morning on the back of upbeat first-quarter results.

"In March, a month after the peak of COVID-19 new cases, Baidu's traffic remained robust with Baidu App DAUs reaching 222 million, up 28% year over year, in-app search queries up 45% and feed time spent up 51%. With the pandemic coming under control in China, offline activities are rebounding and Baidu stands to benefit from a restart of the Chinese economy, " said Robin Li, Co-founder, and CEO of Baidu.

Adjusted earnings of $1.25 per ADS for the first quarter beat the average estimate of analysts polled by Thomson Reuters at $0.57.

Revenues were RMB 22.5 billion ($3.18 billion), decreased 7% year over year. The consensus estimate was at $3.1 billion.

For the second quarter of 2020, Baidu expects revenues to be between RMB 25.0 billion ($3.5 billion) and RMB 27.3 billion ($3.9 billion). Analysts see revenue of $3.62 billion.

Baidu stock is currently trading at $117.35. It has traded in the range of $82.00- $147.38 in the past 52 weeks.

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