Baidu stock whipsaws after Chinese search giant posts revenue beat and announces $5 billion stock buyback plan
Baidu posted upbeat fourth-quarter earnings results this week, briefly sending shares of the company up 7% in pre-market trading on Thursday.The search engine giant delivered higher-than-expected revenue for the last three months of 2022. Baidu notched $4.8 billion in revenue, versus analysts' estimates of $4.7 billion, according to FactSet. Additionally, Baidu's quarterly adjusted net profit surged 32% from the same period last year at $779 million.
Goldman Sachs gave Baidu a buy rating in a Tuesday note to clients, though it noted risks ahead for the company. The company's board of directors authorized a new $5 billion share buyback program, through the end of 2025.
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