Diversifying: Baidu said the buyback demonstrates the company's confidence in the online-to-offline opportunity. Photo: Reuters
BEIJING: Baidu Inc, China's biggest internet search engine company, said it will buy back shares worth US$1bil (RM3.82bil) after the company's stock price slid following a weak earnings report earlier this week.
The repurchases will take place over the next 12 months and be funded from the company's existing cash balance, New York-listed Baidu said in a statement.
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