Why Baidu Stock Shot Higher on Tuesday

Shares of Baidu (NASDAQ: BIDU) charged sharply higher on Tuesday, surging as much as 11.7%. As of 3:24 p.m. ET, the stock was still up 8.5%.

The catalyst that sent the Chinese tech giant higher was mixed quarterly earnings results that were still better than expected.

For the fourth quarter, Baidu generated revenue of 33.1 billion yuan (roughly $5.2 billion), up 9% year over year. The company reported net income of 1.7 billion yuan ($269 million), a decline of 67% compared to the prior-year period. This resulted in earnings per share (EPS) of 11.60 yuan ($1.82). 

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Source Fool.com