China's Baidu announces $5 billion share buyback plan

China's search engine giant Baidu Inc beat revenue estimates for the fourth quarter on Wednesday, boosted by strength in its advertising, cloud and artificial intelligence businesses. It also announced a new share buyback programme of up to $5 billion. Its revenue for the quarter ended December 31 came in at 33.08 billion yuan ($4.80 billion), according to Refinitiv data.