Baidu’s (BIDU.NASDAQ) first-quarter revenue jumped 59%, beating analysts’ expectations, The Wall Street Journal reported, citing a company statement. Baidu, which is China’s largest search engine by revenue, posted revenue of US$1.53 billion (RMB9.5 billion), above its February guidance for between US$1.49 billion and US$1.53 billion. American depositary shares of Baidu rose 4.5% to US$167.06 in recent after-hours trading, shortly after the financial results were released. The revenue increase was driven by growth in the company’s core search business, on which Baidu has been spending heavily to prompt migration to mobile devices.
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