Beijing, 16th May: Last week, Baidu, the leading Chinese language Internet search provider, announced its financial results for the quarter ended 31st March 2019. Total revenues in the quarter were US$3.6 billion, which represents a 15% increase year-on-year. Excluding the impact of announced divestures, the increase was 21%. However, the company posted a net loss of US$49 million, compared to a net profit of US$1.1 billion last year.
Separately, Baidu also announced a new share repurchase program for up to US$1 billion of its shares effective until 1st July 2020.