Why Baidu Was Rocketing Higher Today

Shares of Baidu (NASDAQ: BIDU) were on fire today, up 13.2% as of 1:50 p.m. ET. While today was a good day for tech stocks generally, Baidu also had the added benefit of a stronger-than-expected earnings report last night.

Given its beaten-down valuation amid massive pessimism surrounding Chinese stocks, it's no wonder shares are surging today.

In the first quarter of 2022, Baidu posted revenue of $4.48 billion, up 1% over the prior year, as well as non-GAAP (adjusted) earnings per share of $1.77. Even though that profit figure was down 9% over the prior-year quarter, it actually beat lowly expectations by a huge $0.94.

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Source Fool.com