Shares of Baidu Soar After Reporting Financial Results

Shares of China’s Baidu were moving up 4% after the company reported financial results that beat expectations for the third quarter.

The Chinese internet company posted revenue of 28.08 billion yuan ($3.93 billion, according to the earnings release exchange rate), which was relatively flat year-on-year but was above market expectations.

Excluding items, earnings per share came in at 12.61 yuan, beating market expectations, but representing 34% year-on-year decline.

Analysts polled by Refinitiv had expected 27.49 billion yuan in revenue and adjusted earnings per share of 7.88 yuan.

The company’s streaming service iQiyi posted strong revenue and user growth. iQiyi revenue reached 7.4 billion yuan ($1.04 billion), up 7% year over year, while subscribers jumped 31%. iQiyi, which is listed separately in the U.S., but majority-owned by Baidu, saw its shares jump over 4%.

“Our focus to combine search and feed and expand Baidu App’s content and services offerings is improving user experience and drawing publishers and service providers to place more content and services on Baidu’s hosted platform, which in turn draws more users,” Robin Li, chairman CEO of Baidu, said in a statement.

Shares of Baidu are down around 32% this year.

Disclaimer: We have no position in Baidu Inc. (NASDAQ: BIDU) and have not been compensated for this article.