Baidu stocks hit all-time high after Q3 profits beat forecasts

Baidu’s (BIDU.NASDAQ) stocks shot up to a record high in the US after the company reported forecast-beating third quarter profits, Bloomberg reported. Baidu’s American depositary receipts surged 5.6% to US$237.01 in New York, the highest close since its US listing in 2005. The Beijing-based search giant reported an operating profit margin of 29% for the third quarter, beating Bloomberg’s average estimate of 27% compiled from analyst predictions. Mobile traffic, which surpassed desktop traffic, is increasing its contribution to total sales as the company invests more and joins forces with other operaters to challenge Alibaba (BABA.NYSE).