Baidu Inc. BIDU, -5.37% American depositary receipts rose more than 2% in the extended session Wednesday after the China-based internet company reported adjusted profits above Wall Street expectations and sales that met forecasts. Baidu said it earned $794 million, or $2.31 a share, in the fourth quarter, compared with $2.61 a share a year ago. Adjusted for one-time items, Baidu earned $3.08 a share. Revenues rose 5% to $4.64 billion. Analysts polled by FactSet had expected Baidu to report adjusted earnings of $2.79 a share on sales of $4.67 billion. “Baidu ended 2020 on a solid note with our business benefiting from improving macroeconomic environment and the digitalization of industrial Internet,” co-founder and Chief Executive Robin Li said in a statement. “Our focus on innovation through technology is paying off with Baidu Core non-marketing revenue growing 52% year over year in the fourth quarter,” he said. Baidu guided for first-quarter 2021 sales between $4 billion and $4.4 billion, which would represent a growth rate between 15% and 26% year-on-year.
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