Chinese Internet search provider Baidu Inc. said Thursday that its board of of directors has authorized a share buyback program worth $1 billion, which will take place over the next 12 months. The news comes on the heels of disappointing second-quarter earnings reported earlier in the week that took a toll on shares. The company’s revenue forecast for the third quarter also fell short of expectations. Shares of Baidu have sank nearly 18% this week and close to 15% for the month of July.
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From:: Stock Market News