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BEIJING (AP) - Baidu.com Inc. exceeded analyst expectations in its first quarterly earnings report as a publicly held company, but the performance proved to be a letdown for investors betting on the maker of China's leading Internet search engine.
The Beijing-based company said Wednesday that it earned 8.5 million yuan ($1.06 million) or 0.26 yuan per share (3 cents) during the third quarter. The profit nearly tripled from net income of 2.9 million yuan, or 0.10 yuan per share, a year ago.
If not for stock compensation expenses, Baidu said it would have earned 19.3 million yuan ($2.4 million), or 0.59 yuan (7 cents). That figure was a penny above the consensus estimate among analysts polled by Thomson Financial.
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