Baidu, Inc. (BIDU - Free Report) just released its fourth-quarter financial results, posting adjusted earnings of $2.29 per share and revenues of $3.62 billion.

Currently, BIDU is a Zacks Rank #4 (Sell), but that could change based on today’s results. The stock is currently up 3.85% to $234.29 per share in after-hours trading shortly after its earnings report was released.

Baidu:

Beat earnings estimates. The company posted adjusted earnings of $2.29 per share, beating the Zacks Consensus Estimate of $2.05. On a GAAP basis, Baidu reported net income of $1.90 per share.

Beat revenue estimates. The company saw revenue figures of $3.62 billion, beating our consensus estimate of $3.43 billion.

Total revenues were up 29% year-over-year. Mobile revenue represented 76% of total revenues, compared to 65% in the year-ago period.

Baidu had approximately 460,000 active online marketing customers at the end of the quarter, representing a 2% increase from the prior-year quarter. Online marketing revenues climbed 26%.

“Entering 2018, we plan to continue our strategy to exit non-core businesses and increase investments in Baidu's mobile and new AI businesses, which we believe play to Baidu's strengths as a technology leader and will sow the seed for Baidu's future growth in autonomous driving and conversational AI, particularly in the home environment,” said CFO Herman Yu.

For the first quarter of 2018, Baidu expects net revenues to be between $3.05 billion and $3.22 billion, representing a 25% to 32% growth rate.

Here’s a graph that looks at Baidu’s recent earnings performance:

Baidu, Inc. Price, Consensus and EPS Surprise

Baidu, Inc. Price, Consensus and EPS Surprise | Baidu, Inc. Quote

Baidu, Inc., formerly Baidu.com, Inc. is a Chinese-language Internet search provider and is based in Beijing, China. The company offers a Chinese language search platform and conducts its operations principally through Baidu Online Network Technology Co., Ltd., a network of third-party Web sites and software applications. Further, the company offers Japanese search services, including Web search, image search, video search, and blog search capabilities. It also offers online marketing services to its customers directly and through other distribution networks.