Baidu fourth-quarter profit grew 36 percent
BAIDU-RESULTS:Baidu fourth-quarter profit grew 36 percent
REUTERS - Baidu Inc
Shares of Baidu were down 85 cents at $106.35 in after hours trading on Monday.
Baidu had previously warned of a soft fourth quarter as China's economy slows.
Industry analysts warn that rapidly changing user habits and an increasingly crowded search market could weigh on revenue in the near future.
Fourth-quarter revenue rose 41.6 percent year-on-year to $1.017 billion, above Wall Street targets and its own forecast of $979.3 million to $1.010 billion.
Baidu posted net income of $448.7 million, or $1.28 per American Depository Share, in the three months ended December 30. Excluding certain items, Baidu said it had earnings of $1.31 per ADS.
For the first quarter, Baidu said it expects revenue of between $945.4 million to $975.9 million. Analysts polled by Thomson Reuters I/B/E/S were looking for revenue of $964 million on average in the first quarter.
Baidu shares have fallen about 7 percent since the end of September.
(Reporting by Alexei Oreskovic in San Francisco and Melanie Lee in Shanghai; Editing by Phil Berlowitz)