Baidu, China’s dominant internet search company, announced on Thursday a $1 billion share buyback programme to pacify investors after $12 billion was wiped off its market value on disappointing second-quarter earnings.
The shares will be repurchased on- and off- the open market over the next 12 months and be funded through Baidu’s existing cash balance, the New York-listed company said in a statement. The company has a total of liquid assets about $12 billion.
The announcement, which marks Baidu’s first buyback in nearly seven years, comes after the company on Monday announced its worse-than-expected quarterly results. Meanwhile, it also unveiled plans to ramp up spending on the...
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