Everyone's favorite Chinese Internet search engine, Baidu.com , ventured into the earnings confessional last night. Building market share helped power the company's net income 113% higher during the third quarter, slightly topping consensus estimates. Earnings per share came in at 70 cents, while net income hit $24.2 million.
BIDU noted that revenue per marketing customer hit $467 during the period, up more than 50% from the previous year. The company also boosted its share of the Chinese search market to 60.5% from 58.1% in the second quarter. Google (GOOG) held a 23.7% share in the region while Yahoo's (YHOO) Chinese unit nabbed 10.4%. Looking ahead to the current quarter, the company said it expects revenue to range between $74.7 million and $76.7 million, surrounding Wall Street's consensus outlook of $75.7 million in sales.
BIDU shares have risen more than 3% today to move within a hair's breadth of yet another new all-time high. With nearly 12% of the stock's float sold short, short covering could come into play to help power the shares higher.