China's Baidu outpaces Street targets as mobile revenue surges

SAN FRANCISCO, July 24 Thu Jul 24, 2014 4:51pm EDT

SAN FRANCISCO, July 24 (Reuters) - Baidu Inc, China's biggest Internet search company, blew away Wall Street's targets with a 34.1 percent jump in quarterly net profit, helped by a surge in mobile revenue.

It shares climbed 7.3 percent in after hours trading to $219.20, from a close of $204.27 on the Nasdaq.

Net income attributable to shareholders rose to 3.55 billion yuan ($571.7 million) in the three months ending June, beating analyst estimates of 2.82 billion yuan, according to Thomson Reuters SmartEstimate. ($1 = 6.1944 Chinese Yuan) (Reporting by Edwin Chan; Editing by David Gregorio)

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