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Sohu.com Limited (NASDAQ: SOHU) is one of China's premier online brands, indispensable to the daily lives of millions of Chinese people. Founded by Dr. Charles Zhang in the 1990s, Sohu operates a network of comprehensive Chinese language web properties and proprietary search engines. The company is divided into two main segments: Sohu Media and Changyou.
Sohu Media offers a range of online services, including news, video streaming, and community-based products. Their flagship platforms include the Sohu News App, mobile news portal m.sohu.com, PC portal www.sohu.com, and the online video website tv.sohu.com. Sohu Media focuses on enhancing user experience through continuous product refinements and advanced live broadcasting technology. This segment generates revenue primarily through online brand advertising services.
Changyou, a subsidiary of Sohu, specializes in online games for PCs and mobile devices. It develops and operates a diverse portfolio of games, such as massively multiplayer online role-playing games (MMORPGs), casual games, and strategy games. Notable titles include Tian Long Ba Bu (TLBB) and Legacy TLBB Mobile. Changyou also manages the 17173.com website, which provides news, forums, and video content for game players. The segment accounts for the majority of Sohu's revenues, driven by online game distribution services.
In recent financial reports, Sohu has demonstrated stability and strategic growth. The company reported total revenues of $152 million for the second quarter of 2023, with a gross margin of 76%. Although the brand advertising revenues were $24 million, this was offset by a decrease in online game revenues to $118 million due to the natural decline of older games. Operating expenses were closely managed, and the company maintains a strong liquidity position with $1.4 billion in cash and equivalents as of June 30, 2023.
Sohu continues to explore new monetization opportunities by leveraging its premium content and unique competitive advantages. With an ongoing commitment to innovation and user engagement, Sohu aims to remain a leader in China's online media and gaming sectors.
Sohu.com reported Q3 2024 financial results with total revenues of US$152 million, up 5% year-over-year but down 12% quarter-over-quarter. Online game revenues reached US$128 million, increasing 9% year-over-year, while brand advertising revenues were US$19 million, declining 15% year-over-year. The company reported a GAAP net loss of US$16 million and a non-GAAP net loss of US$12 million. Gross margin stood at 74%. For Q4 2024, Sohu expects brand advertising revenues between US$17-19 million and online game revenues between US$97-107 million, with projected non-GAAP net loss between US$26-36 million.
Sohu.com (NASDAQ: SOHU), a leading Chinese online media, video and game business group, has scheduled the release of its third quarter 2024 unaudited financial results for November 12, 2024, before U.S. market hours. The management team will host a conference call at 7:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing/Hong Kong time) on the same day. Participants can pre-register for the conference call through a provided link and will receive dial-in details upon registration.
NaaS Technology Inc. (Nasdaq: NAAS), the first U.S. listed EV charging service company in China, announced a significant leadership change. Mr. Alex Wu has resigned as President, Chief Financial Officer, and Director, effective August 9, 2024. The company has appointed Mr. Steven Sim as the new Chief Financial Officer, starting August 12, 2024.
Mr. Sim brings over 20 years of experience in Singapore, London, and mainland China. He holds an MBA from INSEAD and has worked at three of the Big Four accounting firms. His previous roles include Vice President of Finance at Sohu and CFO at Pintec Group, where he led the company's IPO process.
To ensure a smooth transition, Mr. Wu will continue in an advisory role until November 8, 2024. Ms. Yang Wang, speaking on behalf of NaaS, expressed gratitude for Mr. Wu's contributions and confidence in Mr. Sim's ability to drive growth for the company.
Sohu.com reported Q2 2024 financial results with total revenues of $172 million, up 13% year-over-year and 24% quarter-over-quarter. Online game revenues were $147 million, up 24% year-over-year and 25% quarter-over-quarter. However, brand advertising revenues declined 17% year-over-year to $20 million. The company reported a GAAP net loss of $38 million, compared to a $21 million loss in Q2 2023. Gross margin decreased to 67% from 76% in Q2 2023. For Q3 2024, Sohu expects brand advertising revenues between $17-19 million and online game revenues between $104-114 million, with a projected non-GAAP net loss of $30-40 million.
Sohu.com (NASDAQ: SOHU), a leading Chinese online media, video, and game business group, has announced it will report its second quarter 2024 unaudited financial results on Monday, August 5, 2024, before U.S. market hours. The company's management team will host a conference call on the same day at 7:30 a.m. U.S. Eastern Time (7:30 p.m. Beijing/Hong Kong time) to discuss the quarterly results.
Participants can pre-register for the conference call through a provided link, which will give them dial-in numbers and a unique access PIN. The company advises dialing in 10 minutes before the call's scheduled start. Additionally, a live webcast and archive of the conference call will be available on the Investor Relations section of Sohu's website.
Sohu.com (NASDAQ: SOHU) reported unaudited financial results for Q1 2024, ending March 31. Total revenues were $139 million, a 14% decline year-over-year and 1% decline quarter-over-quarter. Brand advertising revenues fell to $16 million, a 29% drop year-over-year and 20% drop quarter-over-quarter. Online game revenues were $118 million, a 9% decrease year-over-year but a 3% increase quarter-over-quarter.
The GAAP net loss was $25 million, compared to $18 million in Q1 2023 and $13 million in Q4 2023. Non-GAAP net loss was $22 million, versus $13 million in Q1 2023 and $11 million in Q4 2023. Cash and equivalents totaled approximately $1.3 billion. For Q2 2024, Sohu projects brand advertising revenues between $18 million and $20 million, and online game revenues between $133 million and $143 million.
Sohu.com (NASDAQ: SOHU) will announce its first quarter 2024 unaudited financial results on May 20, 2024. The management will host a conference call on the same day. Participants can register for the call online. The webcast and archive will be accessible on Sohu's Investor Relations website.
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