Baidu to buy back shares of $1 billion

Tinuku - Baidu Inc said on Wednesday that the company's board approved a plan to buy back up to US$1 billion of their shares with repurchases lasting for the next 12 months. Beijing-based technology giant listed on Nasdaq said the buyback will be funded by the company's cash balance.

The company's shares, which were set up on January 1, 2000, have risen about 40 percent last year and closed at US$250.77 on Tuesday. Baidu said the board will review the share buyback program on a regular basis and will adjust the terms and sizes.

Tinuku Baidu to buy back shares of $1 billion

In July 2015, Baidu announced a US$1 billion buyback plan after prices slumped following a weak earnings report. Last May, Alibaba Group Holding Ltd said it plans to buy back shares worth up to US$6 billion over two years.