Excerpt from our One Page Annotated Wall Street Journal Summary (receive it by email every morning by signing up here):
Baidu Net Soars on Increased Traffic
Summary: Chinese search-engine company Baidu.com Inc. (NASDAQ:BIDU) posted net income of 58.5 million yuan ($7.3 million), or 1.69 yuan a share, up from 12.1 million yuan, or 0.39 yuan a share for its recent-ending quarter. Revenue more than doubled to 191.6 million yuan from 69.7 million yuan. The number of active online-marketing customers increased to more than 90,000, an increase of 22% from the first quarter. While the results beat the average estimate of analysts surveyed by Thomson Financial, the results didn't meet some investors' higher expectations. Shares of BIDU fell $13.44, or 15%, to $78.53 in after-hours trading.
Comment on related stocks/ETFs: For more on Baidu.com's recent quarter, read the company's conference call transcript. On the growth of internet usage in China of late, see Helen Wang's China To Become Top Internet Use Nation; Fare Is Decidedly Youth-Focused and Shaun Rein's China's New Obsession with Blogs and How Companies Can Benefit.