Baidu's Board Authorizes Share Buyback Program

(RTTNews) - AI company Baidu, Inc. (BIDU) announced its board of directors has authorized a new share repurchase program under which the company may repurchase up to $5 billion of its shares, effective through December 31, 2025.

Fourth quarter net income attributable to Baidu was RMB 5.0 billion, and earnings per ADS was RMB 13.59. This is compared with RMB 1.72 billion, or RMB 4.51 per share, in last year's fourth quarter. Net income attributable to Baidu Core was RMB 4.8 billion, and net margin for Baidu Core was 19%.

Non-GAAP net income attributable to Baidu was RMB 5.4 billion. Non-GAAP earnings per ADS was RMB 15.25. Non-GAAP net income attributable to Baidu Core was RMB 4.9 billion, and non-GAAP net margin for Baidu Core was 19%.

Total revenues were RMB 33.1 billion, flat from last year. Revenue from Baidu Core was RMB 25.7 billion, decreasing 1% year over year. Revenue from iQIYI was RMB 7.6 billion, increasing 3% year over year.

As of December 31, 2022, cash, cash equivalents, restricted cash and short-term investments were RMB 185.3 billion, and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB 177.4 billion.

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