Baidu.com (BIDU) had a buying frenzy later in the afternoon today, closing up over $8. Going into after-hours and reporting earnings it's up a whopping $34+, or 19%.
"Net income rose to 141.9 million yuan ($18.8 million)...from 58.5 million yuan, or 1.69 yuan, a year earlier, the company said today in a statement. Sales more than doubled to 401.3 million yuan, beating analysts' estimates. Baidu expanded its market share in China, where it leads closest rival Google Inc. by more than 2 to 1."
" China was home to 162 million Web users at the end of June, second only to the U.S., according to data from the China Network Information Center." --That's only 1% of the population!!! Compared to nearly 70% of the population in the United States (232+million) are internet users. Lot's of potential for Baidu as the internet using population grows in China. If 70% of the population in China were using the internet that would be over 1 billion users!!