Baidu, Inc.(NASDAQ: BIDU), China’s internet search giant, on Thursday reported second quarter financial results that topped analysts’ estimates, sending its shares up more than 10 percent.
Baidu said profit jumped 83 percent to 4.415 billion yuan ($651 million) in the quarter ended in June. The company has been struggling last year as the company’s advertising revenue is hurt by the death of a college student, who found a cancer treatment online.
Revenue rose 14.3 percent to 20.87 billion yuan ($3.079 billion) in the second quarter.
Baidu’s shares jumped over 11 percent to $223.69 per share in New York on Friday. The stock now is trading at its 52-week high.
"In the second quarter, Baidu announced our new mission to make a complex world simpler through technology." said Robin Li, Baidu's Chairman and Chief Executive Officer. "To achieve our mission, we will execute on two strategic pillars: to strengthen our mobile foundation and lead in AI. We will use AI as a fundamental driver to elevate our current core business, specifically our core products of Mobile Baidu, search and feed. In parallel, we will continue to build out our newer AI-enabled initiatives through an open platform and ecosystem approach to capture long term economic opportunity."
Since Qi Lu became the Chief Operating Officer, the company has been focused on its core businesses, such as search, artificial intelligence, financial services and autonomous driving platform.
Baidu also announced a partnership deal with PayPal Holding, Inc. on Thursday to allow Chinese Baidu Wallet users to do shopping outside China by using PayPal.