Shares of Chinese Internet search giant Baidu (NASDAQ:BIDU) rose as much as 7.6% in after-hours trading, following the release of second-quarter results. Baidu met Wall Street's sales estimates in the quarter, but exceeded earnings targets by 32%.
Baidu saw sales soar 59% higher year over year, stopping at $1.9 billion. Adjusted earnings rose 37%, to $1.73 per American depositary share. Analysts would have settled for $1.31 per ADS.
Online marketing sales increased by 57% year over year, and represent 98.8% of Baidu's total revenues. Selling, general, and administrative costs doubled to $346 million, due to heavy promotional activity around Baidu's mobile products.
"As the clear leader in mobile search, mobile maps, and app distribution, mobile revenue for the first time ever contributed to 30 percent of our total revenue," said Baidu CEO Robin Li in a prepared statement. "Baidu's scope now embraces 'connecting people with services', and we will continue leveraging our vast traffic resources, deep product portfolio and world class technology to fulfill this broader mission."
Heading into this report, Baidu shares had gained 28% during the last three months, and 84% in the last 52 weeks.