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The number of times per second a communication transmission changes the carrier signal. A 2400-baud modem changes the signal 2400 times a second. Baud is technically not the same as bits per second (bps). For example a 1200 bit-per-second modem actually runs at 300 baud, but it moves 4 bits per baud (4 x 300= 1200 bits per second).