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Sogou Inc. reported a 31.2% decrease in total revenues for Q3 2020, amounting to $216.7 million, influenced by advertising uncertainties linked to Tencent's proposed acquisition of Sogou. Search-related revenues dropped 33.2% year-over-year. The company's net loss reached $42 million, compared to a net income of $36.6 million in Q3 2019. Operating expenses fell by 4.9% to $93.4 million. The company holds $1.0 billion in cash and equivalents as of September 30, 2020, but faces a growing operating loss amidst shifting market dynamics.
Sogou Inc. (NYSE: SOGO) will report its third quarter 2020 unaudited financial results on November 16, 2020, prior to U.S. market hours. The company is a leading innovator in China's internet industry, recognized for its significant market presence as the second-largest search engine by mobile queries and fourth-largest internet enterprise by monthly active users. Sogou offers diverse products, including the Sogou Input Method, the most widely used Chinese language input software, alongside advancements in AI, voice, image technologies, and machine translation.
Sogou Inc. (NYSE:SOGO) announced it won the Grand Prize at the MIND News Recommendation Competition, organized by Microsoft Research Asia. This achievement highlights Sogou's expertise in search and recommendation technologies, essential for enhancing user experience in a complex news environment. The team utilized innovative methods in data processing and text modeling, delivering high accuracy in personalized news recommendations. Sogou’s technology is integrated into its products, such as Sogou Search and Sogou Mobile Browser, catering to millions of users in China.
Sogou Inc. (NYSE: SOGO) announced a definitive Merger Agreement with Tencent Parties, where Sogou will be acquired for $9.00 per share in cash. This represents a premium of approximately 56.5% to SOGO's closing price on July 24, 2020, before the 'going-private' proposal. The Merger is expected to close in Q4 2020, resulting in Sogou becoming a wholly-owned subsidiary of Tencent and delisting from the NYSE. The Board approved the Merger, and Tencent will hold over 90% voting power post-closing.
Sogou Inc. (NYSE: SOGO) announced on August 11, 2020, that its board's Special Committee has retained Duff & Phelps, LLC as an independent financial advisor. This decision comes as the committee reviews a non-binding acquisition proposal from Tencent Holdings Limited, which aims to acquire all outstanding shares of Sogou at $9.00 per share. The board has yet to decide on the proposal, and there is no guarantee that a definitive offer or agreement will be reached. Shareholders are cautioned about the uncertainties surrounding the transaction.
Sogou Inc. (NYSE: SOGO) reported its Q2 2020 financial results, revealing total revenues of $261.2 million, a 14% year-over-year decrease. The net loss attributable to Sogou was $8.5 million, compared to a net income of $21.3 million in the same period last year. Search revenues declined 13%, and auction-based services made up 86.9% of total search revenues. Despite challenges from the pandemic, Sogou's Mobile Keyboard achieved 484 million daily users, a 6% rise. The company is also navigating a potential acquisition by Tencent at $9.00 per share, which could lead to delisting from NYSE.
Sogou Inc. (NYSE: SOGO) announced the formation of a Special Committee to evaluate Tencent's non-binding proposal to acquire all outstanding shares at US$9.00 per share. This decision follows a letter received by the Board on July 27, 2020. The Special Committee includes independent directors and has engaged legal counsel to assist in the review. Sogou cautions that no decision has been made regarding the proposal, and there is no guarantee of a definitive offer or transaction. Forward-looking statements are included, acknowledging risks and uncertainties regarding potential outcomes.
Sogou Inc. (NYSE: SOGO) announced that its board received a preliminary non-binding proposal from Tencent Holdings Limited to acquire all outstanding ordinary shares of Sogou at US$9.00 per share. If successful, Sogou would become a privately-held subsidiary of Tencent, with its ADSs delisted from the NYSE. The Sogou Board has not yet made any decisions regarding this proposal, and there is no assurance that Tencent will proceed with a definitive offer. Shareholders are cautioned about potential uncertainties surrounding the transaction.
