Baidu to buy back shares worth $1b

Disappointing second-quarter results, share price plunge trigger move by search engine

Baidu Inc, China's largest Internet search provider, said on Thursday that it will buy back shares worth $1 billion after the company's stock price plunged following a disappointing financial report.

The New York-listed Baidu said in a statement that its board of directors has authorized a share repurchase program under which the company may repurchase up to $1 billion of its shares over the next 12 months.