Analysts just don't get Baidu (Nasdaq: BIDU).

China's leading search engine has once again blown past Wall Street's quarterly targets.

Revenue at Baidu soared 85% to $654.7 million. Adjusted earnings climbed 79% to $301.2 million -- or $0.86 a share. The market was banking on an adjusted profit of $0.83 a share on $618.6 million in revenue.

You can pause long enough to admire the 46% net margins or the fact that Baidu continues to grow at such a heady pace, but let's catch up with the rest of the tour.

I had suggested three things to look for earlier this week. Let's go over the three takeaways.

1. Look for another beat
Baidu has now beaten Wall Street's bottom line for 10 quarters in a row. Let's go over the past four quarters.


EPS Estimate



Q3 2011




Q2 2011




Q1 2011




Q4 2010




Source: Thomson Reuters.

Until this trend reverses and analysts finally catch up to Baidu, the better bet will continue to be betting on another beat.

2. Check out the halo effect
"What's good for Baidu will be seen as good for China's dot-com leaders," I wrote.

We'll see how (Nasdaq: SOHU), video streaming site (NYSE: YOKU), and social networking leader Renren (Nasdaq: RENN) respond when they report their quarterly results in the coming days, but last night's report out of Baidu clearly sets a bullish tone for China's online companies.

3. Match the guidance to expectations
Baidu only provides top-line guidance, and the Chinese rock star didn't disappoint there either. Baidu is targeting $691.4 million to $711 million in revenue for the current quarter, well ahead of the $647 million that analysts were forecasting.

Yep, this was a blowout quarter in every possible way.

If you want to see where these Chinese stocks go from here, add them to My Watchlist to track news as it happens.

Motley Fool newsletter services have recommended buying shares of Baidu and Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Longtime Fool contributor Rick Munarriz calls them as he sees them. He does not own shares in any of the stocks in this story. Rick is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early.