Baidu gains after results beat expectations, other Chinese Internet stocks rise

Chinese Internet search engine Baidu (BIDU) is rallying after the company reported stronger than expected second quarter results, and provided third quarter revenue guidance that was in-line with analyst expectations. Baidu's second quarter operating profit excluding stock compensation jumped 51.5% compared with the same period in 2011. The company said it has several upcoming growth opportunities. "In the coming quarters, we will maintain momentum by rolling out optimized sales processes and more advanced tools to help current and potential customers increase returns on their online marketing spend," said Baidu CEO Robin Li. "We will also continue to actively explore the vast opportunities in China's fast- emerging mobile Internet and cloud sectors," the CEO added. In early trading, Baidu jumped $10.07, or 9.40%, to $117.17. Other Chinese Internet stocks also climbed, with microblog operator SINA (SINA) gaining 2.45% to $45.65, Internet video company Youku (YOKU) rising 1.68% to $16.98, and online retailer Dangdang (DANG) advancing 2.43% to $5.05.