Baidu nod for share repurchase scheme
Print Edition
CHINA’S largest Internet search engine Baidu yesterday said it had approved a share repurchase scheme worth up to US$1 billion to showcase its confidence in the online-to-offline (O2O) opportunity.
The share repurchase will be funded by existing cash balance over the next 12 months, according to a stock exchange filing.
The Nasdaq-listed company’s revenue forecast for the third quarter is between 18.17 billion yuan and 18.58 billion yuan, short of 18.79 billion yuan estimated by Thomson Reuters.
Baidu’s aggressive marketing to promote its mobile services such as online movie ticketing and food delivery has eroded its profit in the second quarter.
The proposed repurchases may be made from time to time on the open market at market prices, in privately negotiated transactions, in block trades or other legally permissible means.
In the second quarter, its profit was up 3.3 percent to 3.66 billion yuan, while operating costs and expenses surged 56 percent year on year due to higher promotional spending, according to a financial statement released on Tuesday.
Chief Financial Officer Jennifer Li said after the earnings release that the company will double its investment in O2O services in the second half to further drive growth.
It’s Baidu’s first share repurchase since 2008 when the company announced a US$200 million buy back plan.
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