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Baidu Authorizes $1 Bln Share Buyback Program

Baidu, Inc. (BIDU), the leading Chinese Internet search giant, Thursday said its board of directors authorized a new share repurchase program of up to $1 billion of its shares, effective until July 1, 2020.

The company also reported first-quarter loss of RMB327 million or RMB0.98 per ADS, compared with last year's profit of RMB6694 million or RMB18.68 per ADS.

Excluding items, Baidu.com reported adjusted earnings of RMB967 million or RMB2.77 per share for the period.

Revenues for the quarter rose 15% to RMB24.12 billion from RMB20.91 billion in the same period last year.

"Baidu's mobile foundation continues to strengthen with search-powered AI, and our new AI businesses are making strong progress. In March, Baidu's mobile reach expanded to 1.1 billion monthly active devices, while DuerOS voice assistant installed base reached 275 million devices and generated 2.37 billion monthly voice queries. We are leveraging Baidu AI to provide enterprise solutions to businesses and local governments, which significantly expands our total addressable market," said CEO Robin Li.

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