Tuesday, October 30, 2012
Baidu Inc posted its slowest quarterly revenue growth in more than two years, hurt by slowing sales.
Baidu report revenue in the third quarter was $994.6 million, up 49.7 percent from the year-ago period.
For the fourth quarter, Baidu said it expects revenue of $979.3 million to $1.010 billion, below the average analysts' forecasts of $1.03 billion.
Baidu posted net income of $478.6 million in the three months ended September 30, up roughly 60 percent year-on-year. Baidu said it earned $1.39 per American Depository Share in the third quarter, excluding stock-based compensation expenses.
Baidu shares have fallen about 2 percent this year on expectations that it will be hurt by slower economic growth in China, underperforming a 14 percent rise on the Nasdaq exchange.
By: DocMemory
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