Baidu Inc (NASDAQ: BIDU) shares vaulted Tuesday morning after releasing second-quarter earnings.
Those earnings came in at $1.47 per share, which may not compare to the 89-cent estimate. GAAP EPS came in at 96 cents.
Sales came in at $3.84 billion, beating estimates by $80 million.
Earnings registered 5.422 billion RMB, compared to 2.33 million RMB in the prior-year quarter.
In the second quarter of 2019, Baidu returned $291 million U.S. to its shareholders, increasing its accumulated return to $778 million U.S., under the 2018 Share Repurchase Program. In May 2019, Baidu's Board approved an additional $1 billion U.S.repurchase under the 2019 Share Repurchase Program.
CEO Robin Li remarked, "Our focus on strengthening Baidu's mobile ecosystem through knowledge-based content, BJH accounts, smart mini programs and managed pages on Baidu's platform is translating into better user experience, stronger traffic growth, and, we believe, ultimately higher conversion for our customers.
"In June, Baidu App DAUs reached 188 million, up 27% year over year, in-app search queries grew over 20% year over year and smart mini program MAUs reached 270 million, up 49% sequentially."
Shares hiked $7.62, or 7.3%, to $111.84
