NEW YORK (CNNMoney.com) -- China's leading search engine reported a profit that doubled in its most recent quarter, on sales that soared 76% compared to last year.
Beijing-based Baidu had net income of 1.05 billion yuan, or $156.4 million, in the quarter ended Sept. 30. That's up 112% from last year.
On a per-share basis, Baidu reported earnings of 45 cents per U.S. depository share. Sales were 2.256 billion yuan, or $337.2 million. Both sales and earnings topped analyst forecasts.
Despite the upbeat results, U.S. depository shares of Baidu fell 2.7% to $99.70 in after-hours trading. The stock closed at $102.48 on Thursday.
Looking ahead, Baidu said it expects sales in the current quarter to range between $354.2 million and $364.7 million. Analysts had been forecasting sales of $349 million.
The results were driven by the company's efforts to enhance customer service and expand its market share, Baidu's chief executive officer, Robin Li, said in a prepared statement.
"We are successfully enhancing Baidu's position as a key enabler of China's Internet industry," he said.
Rival search engine Yahoo (YHOO, Fortune 500) reported quarterly sales figures Tuesday that disappointed investors, while Google (GOOG, Fortune 500) posted strong third-quarter gains in sales and profits last week.
Google, the world's leading search engine, has struggled to gain traction in the Chinese market. But investors have been warming to Baidu, which continues to gain market share.
Baidu's stock has risen nearly 150% so far this year on the New York Stock Exchange. 
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