Company’s American depositary receipts drop more than 7%
Board authorizes new $1 billion share repurchase program
Baidu Inc. posted a loss for the first time since going public in 2005 as China’s biggest online search engine struggles with a changing local market and slowing economy.
The net loss was 327 million yuan ($47.5 million) for the three months ended March, compared with the 187.5 million yuan loss expected by analysts. The Beijing-based company also forecast sales below estimates and said Hailong Xiang, the 14-year veteran who ran the search business, has resigned. Baidu’s American depositary receipts fell more than 7% in extended trading.