Baidu swings to Q3 profit, citing ࢀ˜recoveryࢀ™ in China

+1.90% rose 1% in after-hours Monday after the Chinese internet giant reported a third-quarter profit above Wall Street expectations and said it had been able to sidestep Chinaࢀ™s second COVID-19 wave. Baidu said it earned $2 billion, or $5.86 per ADR, in the quarter, reversing a loss of $2.63 per ADR in the year-ago period. Adjusted for one-time items, Baidu gained $1.03 billion, or $3 a share, the company said. Sales rose 1% to $4.16 billion. Analysts polled by FactSet expected Baidu to report adjusted earnings per ADR of $1.99 on sales of $4.16 billion. ࢀœOur revenue growth turned positive…