(Reuters) – China’s Baidu Inc reported on Tuesday quarterly profit and revenue that beat analysts’ estimates, powered by strong performances of its search and newsfeed services.
The company’s shares rose nearly 5 percent to $236.4 in extended trading.
Baidu, part of China’s trinity of tech giants along with Alibaba Group Holding Ltd and Tencent Holdings Ltd, is looking to turn around its fortunes after a series of missteps sparked steep losses in 2016.
Revenue from the company’s core online marketing – including its search platform and newsfeed – jumped 26.3 percent to 20.4 billion yuan ($3.22 billion).
Net income attributable to Baidu rose to 4.16 billion yuan in the fourth quarter ended Dec. 31, from 4.13 billion yuan a year earlier.
Excluding one-time items, the company earned 14.9 yuan per ADS.
Total revenue rose 29.3 percent to 23.56 billion yuan.
Analysts on average expected a profit of 13.38 yuan and revenue of 23.05 billion yuan, according to Thomson Reuters I/B/E/S.
Baidu forecast first-quarter revenue between 19.86 billion yuan and 20.97 billion yuan, compared with analysts’ average estimate of 21.18 billion yuan.
Reporting by Arjun Panchadar in Bengaluru; Editing by Sriraj Kalluvila