China search engine Baidu plans US$1.0b share buy-back
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[SHANGHAI] Chinese search engine Baidu, listed on the US Nasdaq market, said on Thursday it is planning a US$1.0 billion share buy-back programme over the next 12 months.
The announcement comes after the firm, which is often compared to Google, on Monday announced disappointing second-quarter results, sending shares plunging.
Baidu's profit for the second quarter came in at 3.66 billion yuan, up slightly from 3.55 billion yuan in the same period a year earlier but below forecasts.
Baidu said in a statement its board had authorised share repurchases of up to US$1.0 billion, which would be funded through its existing cash balances.
Baidu stock rose 1.18 per cent to US$170.01 on Wednesday, according to Nasdaq, putting its market capitalisation at just under US$60 billion.
Besides its core search business, Baidu has been investing heavily to provide services through the Internet, including food delivery and movie ticket booking.
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AFP
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