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Baidu Inc more than doubled its profit in the first quarter and forecast stronger-than-expected revenue for the second quarter, betting on strong online advertising demand among China's businesses.
Shares of Baidu, which are up more than 50 percent since the start of the year, were down slightly at $150.65 in after-hours trade after closing Wednesday's regular session at$151.11.
Baidu, the No. 1 Internet search engine in China, said it expects second-quarter revenue of $493.3 million to $503.9 million, above analysts' forecasts of $484.2 million, according to Thomson Reuters I/B/E/S.