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Baidu Inc. tops 4Q revenue forecasts

BEIJING (AP) _ Baidu Inc. (BIDU) on Thursday reported net income of $594.7 million in its fourth quarter.

The Beijing-based company said it had net income of $1.64 per share. Earnings, adjusted for one-time gains and costs, came to $1.91 per share.

The web search company posted revenue of $2.62 billion in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $2.51 billion.

For the year, the company reported profit of $1.68 billion, or $4.59 per share. Revenue was reported as $10.16 billion.

For the current quarter ending in April, Baidu Inc. said it expects revenue in the range of $2.37 billion to $2.45 billion. Analysts surveyed by Zacks had expected revenue of $2.72 billion.

Baidu Inc. shares have increased 6.5 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $175.17, a rise of roughly 8 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BIDU at https://www.zacks.com/ap/BIDU

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Keywords: Baidu Inc., Earnings Report