SOHU.COM REPORTS SECOND QUARTER 2022 UNAUDITED FINANCIAL RESULTS
Sohu.com Limited (NASDAQ: SOHU) reported its second quarter 2022 results with total revenues of US$195 million, a 5% decline year-over-year. Brand advertising revenues fell 32% year-over-year to US$25 million, while online game revenues increased 4% to US$157 million. GAAP net income was US$9 million, down from US$22 million in Q2 2021. The company expects third quarter brand advertising revenues between US$25 million and US$28 million, forecasting a net loss of US$35 million to US$25 million.
- Online game revenues up 4% year-over-year.
- GAAP operating profit of US$10 million exceeded expectations.
- Total revenues down 5% year-over-year.
- Brand advertising revenues down 32% year-over-year.
- GAAP net income fell to US$9 million from US$22 million in Q2 2021.
- Projected net loss for Q3 2022 between US$35 million and US$25 million.
BEIJING, Aug. 8, 2022 /PRNewswire/ -- Sohu.com Limited (NASDAQ: SOHU) ("Sohu" or the "Company"), China's leading online media, video, and game business group, today reported unaudited financial results for the second quarter ended June 30, 2022.
Second Quarter Highlights
- Total revenues were US
$195 million [1], down5% year-over-year and up1% quarter-over-quarter. - Brand advertising revenues were US
$25 million , down32% year-over-year and up5% quarter-over-quarter. - Online game revenues were US
$157 million , up4% year-over-year and flat quarter-over-quarter. - GAAP net income[2] attributable to Sohu.com Limited was US
$9 million , compared with net income of US$22 million in the second quarter of 2021 and net income of US$3 million in the first quarter of 2022. - Non-GAAP[3] net income attributable to Sohu.com Limited was US
$12 million , compared with net income of US$25million in the second quarter of 2021 and net income of US$9 million in the first quarter of 2022.
Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, "In the second quarter of 2022, COVID-19 and related prevention measures disrupted normal economic activity nationwide. We met the challenge proactively, by refining our products and technology and exploring a range of monetization opportunities. Our brand advertising revenue met the high end of our previous guidance during the quarter. Thanks to the solid performance of our online game business, our profitability exceeded guidance. For Sohu Media Portal and Sohu Video, we continued to generate and distribute reliable news and premium content, reinforcing our competitiveness and credibility as a mainstream media platform. Leveraging the differentiated advantages of the Sohu product matrix, we extended our live broadcasting to a greater number of scientific fields and to various online and offline events. For online games, our performance was stable during the quarter, with revenues in line with our guidance."
Second Quarter Financial Results
Revenues
Total revenues were US
Brand advertising revenues were US
Online game revenues were US
Gross Margin
Both GAAP and non-GAAP gross margin were
GAAP gross margin for the brand advertising business was
Both GAAP and non-GAAP gross margin for online games were
Operating Expenses
GAAP operating expenses were US
Operating Profit
GAAP operating profit was US
Non-GAAP operating profit was US
Income Tax Expense
GAAP income tax expense was US
Net Income
GAAP net income attributable to Sohu.com Limited was US
Non-GAAP net income attributable to Sohu.com Limited was US
Liquidity and Capital Resources
As of June 30, 2022, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US
Supplementary Information for Changyou Results[4]
Second Quarter 2022 Operating Results
- For PC games, total average monthly active user accounts[5] (MAU) were 2.3 million, an increase of
7% year-over-year and13% quarter-over-quarter. Total quarterly aggregate active paying accounts[6] (APA) were 1.0 million, an increase of15% year-over-year and6% quarter-over-quarter. The increases in both MAU and APA were mainly from TLBB Vintage, which was launched on the WeGame platform during the quarter. - For mobile games, total average MAU were 2.0 million, an increase of
7% year-over-year and a decrease of14% quarter-over-quarter. The year-over-year increase was mainly from games launched during recent quarters, including Little Raccoon: Heroes and Bright Stars. The quarter-over-quarter decrease mainly resulted from the natural decline of Bright Stars. Total quarterly APA were 0.4 million, a decrease of13% year-over-year and20% quarter-over-quarter. The year-over-year decrease was mainly due to the natural decline of older games, including TLBB Honor and Legacy TLBB Mobile. The quarter-over-quarter decrease was mainly from Bright Stars.
Second Quarter 2022 Unaudited Financial Results
Total revenues were US
GAAP and non-GAAP gross profit were both US
GAAP operating expenses were US
GAAP operating profit was US
Non-GAAP operating profit was US
Business Outlook
For the third quarter of 2022, Sohu estimates:
- Brand advertising revenues to be between US
$25 million and US$28 million ; this implies an annual decrease of17% to26% , and a sequential increase of nil to12% . - Online game revenues to be between US
$138 million and US$148 million ; this implies an annual decrease of11% to17% , and a sequential decrease of6% to12% . - Non-GAAP net loss attributable to Sohu.com Limited to be between US
$35 million and US$25 million ; and GAAP net loss attributable to Sohu.com Limited to be between US$38 million and US$28 million .
For the third quarter 2022 guidance, the Company has adopted a presumed exchange rate of RMB6.75=US
This forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty, particularly in view of the potential ongoing impact of the worldwide COVID-19 pandemic, which remains difficult to predict.
Non-GAAP Disclosure
To supplement the unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), Sohu's management uses non-GAAP measures of gross profit, operating profit, net income, net income attributable to Sohu.com Limited and diluted net income attributable to Sohu.com Limited per ADS, which are adjusted from results based on GAAP to exclude the impact of share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the Toll Charge imposed by the U.S. TCJA. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.
Sohu's management believes excluding share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; the impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the Toll Charge from its non-GAAP financial measure is useful for itself and investors. Further, the impact of share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; the impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the Toll Charge cannot be anticipated by management and business line leaders and these expenses were not built into the annual budgets and quarterly forecasts that have been the basis for information Sohu provides to analysts and investors as guidance for future operating performance. As the impact of share-based compensation expense, changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values, and the impairment charge recognized for an investment unrelated to the Company's core businesses does not involve subsequent cash outflow or is reflected in the cash flows at the equity transaction level, Sohu does not factor this impact in when evaluating and approving expenditures or when determining the allocation of its resources to its business segments. As a result, in general, the monthly financial results for internal reporting and any performance measures for commissions and bonuses are based on non-GAAP financial measures that exclude share-based compensation expense, changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values, and the impairment charge recognized for an investment unrelated to the Company's core businesses, and also excluded the interest expense recognized in connection with the Toll Charge.
The non-GAAP financial measures are provided to enhance investors' overall understanding of Sohu's current financial performance and prospects for the future. A limitation of using non-GAAP gross profit, operating profit, net income, net income attributable to Sohu.com Limited and diluted net income attributable to Sohu.com Limited per ADS excluding share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; and interest expense recognized in connection with the Toll Charge is that these excluded items have been and will continue to be significant recurring expenses in Sohu's business for the foreseeable future and similar impairment charges may also recur. In order to mitigate these limitations Sohu has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between the GAAP financial measures that are most directly comparable to the non-GAAP financial measures that have been presented.
Notes to Financial Information
Financial information in this press release other than the information indicated as being non-GAAP is derived from Sohu's unaudited financial statements prepared in accordance with GAAP.
Safe Harbor Statement
This announcement contains forward-looking statements. It is currently expected that the Business Outlook will not be updated until release of Sohu's next quarterly earnings announcement; however, Sohu reserves right to update its Business Outlook at any time for any reason. Statements that are not historical facts, including statements about Sohu's beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, instability in global financial and credit markets and its potential impact on the Chinese economy; exchange rate fluctuations, including their potential impact on the Chinese economy and on Sohu's reported U.S. dollar results; recent slow-downs in the growth of the Chinese economy; the uncertain regulatory landscape in the People's Republic of China; fluctuations in Sohu's quarterly operating results; the possibilities that Sohu will be unable to recoup its investment in video content and will be unable to develop a series of successful games for mobile platforms or successfully monetize mobile games it develops or acquires; Sohu's reliance on online advertising sales and online games for its revenues; the impact of the U.S. TCJA; the effects of the COVID-19 pandemic on the economy in China in general and on Sohu's business in particular; and the possibility that, unless an accommodation is reached between the SEC and the China Securities Regulatory Commission, the U.S. Holding Foreign Companies Accountable Act and rules of the SEC thereunder may cause the SEC to prohibit trading of Sohu's ADSs on Nasdaq, any other U.S. stock exchange, or the U.S. over-the-counter markets beginning in 2024 or, if currently pending legislation becomes law, 2023. Further information regarding these and other risks is included in Sohu's annual report on Form 20-F for the year ended December 31, 2021, and other filings with and information furnished to the Securities and Exchange Commission.
Conference Call and Webcast
Sohu's management team will host a conference call at 7:30 a.m. U.S. Eastern Time, August 8, 2022 (7:30 p.m. Beijing/Hong Kong time, August 8, 2022) following the quarterly results announcement. Participants can register for the conference call by clicking here, which will lead them to the conference registration website. Upon registration, participants will receive details for the conference call, including the dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.
The live Webcast and archive of the conference call will be available on the Investor Relations section of Sohu's Website at http://investors.sohu.com/.
About Sohu.com
Sohu.com Limited (NASDAQ: SOHU) was established by Dr. Charles Zhang, one of China's internet pioneers, in the 1990s. As a mainstream media platform in China, Sohu is indispensable to the daily life of millions of Chinese, providing a network of web properties and community based products which continually offer a broad array of choices regarding information, entertainment and communication to the vast number of Sohu users. Sohu has built one of the most comprehensive matrices of Chinese language web properties, consisting of the leading online media destinations Sohu News App, mobile news portal m.sohu.com, PC portal www.sohu.com; online video website tv.sohu.com; and the online games platform www.changyou.com/en/.
Sohu provides online brand advertising services as well as multiple news, information and content services on its matrix of websites and also on its mobile platforms. Sohu's online game business, conducted by its subsidiary Changyou, develops and operates a diverse portfolio of PC and mobile games, such as Tian Long Ba Bu ("TLBB"), one of the most popular PC games in China. Changyou also owns and operates the 17173.com Website, a game information portal in China.
For investor and media inquiries, please contact:
In China:
Ms. Pu Huang | |
Sohu.com Limited | |
Tel: | +86 (10) 6272-6645 |
E-mail: | |
In the United States:
Ms. Linda Bergkamp | |
Christensen | |
Tel: | +1 (480) 614-3004 |
E-mail: | |
[1] On a constant currency (non-GAAP) basis, if the exchange rate in the second quarter of 2022 had been the same as it was in the second quarter of 2021, or RMB6.46=US
[2] Following the completion on September 23, 2021 of the transaction with Tencent related to Sogou, Sohu no longer has any ownership interest in Sogou. Unless indicated otherwise, results presented in this release exclude results from Sogou operations. For historical statements, the results of operations of Sogou and the gain from its disposal are presented in separate line items as discontinued operations.
[3] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the one-time transition tax (the "Toll Charge") imposed by the U.S. Tax Cuts and Jobs Act signed into law on December 22, 2017 (the "U.S. TCJA"). Explanation of the Company's non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying "Non-GAAP Disclosure" and "Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures."
[4] "Changyou Results" consist of the results of Changyou's online game business and its 17173.com Website.
[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.
[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.
SOHU.COM LIMITED | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS) | |||||||
Three Months Ended | |||||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | |||||
Revenues: | |||||||
Brand advertising | $ | 24,923 | $ | 23,770 | $ | 36,840 | |
Online games | 157,294 | 157,854 | 151,272 | ||||
Others | 12,563 | 11,794 | 16,290 | ||||
Total revenues | 194,780 | 193,418 | 204,402 | ||||
Cost of revenues: | |||||||
Brand advertising (includes share-based | 23,964 | 23,413 | 26,770 | ||||
Online games (includes share-based compensation | 25,691 | 21,971 | 17,026 | ||||
Others | 3,345 | 3,725 | 5,518 | ||||
Total cost of revenues | 53,000 | 49,109 | 49,314 | ||||
Gross profit | 141,780 | 144,309 | 155,088 | ||||
Operating expenses: | |||||||
Product development (includes share-based | 65,098 | 63,839 | 65,254 | ||||
Sales and marketing (includes share-based | 53,359 | 51,707 | 45,560 | ||||
General and administrative (includes share-based | 13,229 | 16,092 | 19,493 | ||||
Total operating expenses | 131,686 | 131,638 | 130,307 | ||||
Operating profit | 10,094 | 12,671 | 24,781 | ||||
Other income, net | 7,235 | 4,879 | 7,509 | ||||
Interest income | 3,720 | 2,593 | 4,221 | ||||
Interest expense | - | - | (2,488) | ||||
Exchange difference | 4,943 | (477) | (1,325) | ||||
Income before income tax expense | 25,992 | 19,666 | 32,698 | ||||
Income tax expense | 17,323 | 16,997 | 10,847 | ||||
Net income from continuing operations | 8,669 | 2,669 | 21,851 | ||||
Net income from discontinued operations, net of tax[7] | - | - | 55,882 | ||||
Net income | 8,669 | 2,669 | 77,733 | ||||
Less: Net income from continuing operations | 1 | 3 | - | ||||
Less: Net income from discontinued operations | - | - | 36,994 | ||||
Net income from continuing operations attributable to | 8,668 | 2,666 | 21,851 | ||||
Net income from discontinued operations attributable | - | - | 18,888 | ||||
Net income attributable to Sohu.com Limited | 8,668 | 2,666 | 40,739 | ||||
Basic net income from continuing operations per | $ | 0.25 | 0.07 | $ | 0.55 | ||
Basic net income from discontinued operations per | $ | - | - | $ | 0.48 | ||
Basic net income per share/ADS attributable to | $ | 0.25 | $ | 0.07 | $ | 1.03 | |
Shares/ADSs used in computing basic net income per | 34,535 | 36,802 | 39,509 | ||||
Diluted net income from continuing operations per | $ | 0.25 | 0.07 | $ | 0.55 | ||
Diluted net income from discontinued operations per | $ | - | - | $ | 0.48 | ||
Diluted net income per share/ADS attributable to | $ | 0.25 | $ | 0.07 | $ | 1.03 | |
Shares/ADSs used in computing diluted net income per | 34,535 | 36,802 | 39,509 | ||||
[7] Following the completion on September 23, 2021 of the transaction with Tencent related to Sogou, Sohu no longer has any ownership | |||||||
[8] Each ADS represents one ordinary share. | |||||||
SOHU.COM LIMITED | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
(UNAUDITED, IN THOUSANDS) | ||||
As of Jun. 30, 2022 | As of Dec. 31, 2021 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 394,421 | $ | 998,949 |
Restricted cash | 3,398 | 1,969 | ||
Short-term investments | 795,557 | 399,345 | ||
Accounts receivable, net | 79,762 | 82,550 | ||
Prepaid and other current assets | 109,606 | 107,311 | ||
Total current assets | 1,382,744 | 1,590,124 | ||
Fixed assets, net | 304,124 | 329,997 | ||
Goodwill | 47,985 | 48,811 | ||
Long-term investments, net | 43,857 | 53,121 | ||
Intangible assets, net | 6,948 | 9,136 | ||
Long-term time deposits | 271,980 | 189,007 | ||
Other assets | 21,677 | 25,589 | ||
Total assets | $ | 2,079,315 | $ | 2,245,785 |
LIABILITIES | ||||
Current liabilities: | ||||
Accounts payable | $ | 79,315 | $ | 87,447 |
Accrued liabilities | 128,032 | 138,196 | ||
Receipts in advance and deferred revenue | 52,054 | 57,041 | ||
Accrued salary and benefits | 57,056 | 91,485 | ||
Taxes payables | 12,249 | 16,714 | ||
Other short-term liabilities | 118,153 | 112,568 | ||
Total current liabilities | $ | 446,859 | $ | 503,451 |
Long-term other payables | 5,484 | 3,922 | ||
Long-term tax liabilities | 443,701 | 443,083 | ||
Other long-term liabilities | 1,898 | 3,142 | ||
Total long-term liabilities | $ | 451,083 | $ | 450,147 |
Total liabilities | $ | 897,942 | $ | 953,598 |
SHAREHOLDERS' EQUITY: | ||||
Sohu.com Limited shareholders' equity | 1,180,051 | 1,290,869 | ||
Noncontrolling interest | 1,322 | 1,318 | ||
Total shareholders' equity | $ | 1,181,373 | $ | 1,292,187 |
Total liabilities and shareholders' equity | $ | 2,079,315 | $ | 2,245,785 |
SOHU.COM LIMITED | ||||||||||||||||||
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES | ||||||||||||||||||
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS) | ||||||||||||||||||
Three Months Ended Jun. 30, 2022 | Three Months Ended Mar. 31, 2022 | Three Months Ended Jun. 30, 2021 | ||||||||||||||||
GAAP | Non-GAAP | Non-GAAP | GAAP | Non-GAAP | Non-GAAP | GAAP | Non-GAAP | Non-GAAP | ||||||||||
14 | (a) | 23 | (a) | 90 | (a) | |||||||||||||
Brand advertising gross profit | $ | 959 | $ | 14 | $ | 973 | $ | 357 | $ | 23 | $ | 380 | $ | 10,070 | $ | 90 | $ | 10,160 |
Brand advertising gross margin | 4 % | 4 % | 2 % | 2 % | 27 % | 28 % | ||||||||||||
42 | (a) | 41 | (a) | 78 | (a) | |||||||||||||
Online games gross profit | $ | 131,603 | $ | 42 | $ | 131,645 | $ | 135,883 | $ | 41 | $ | 135,924 | $ | 134,246 | $ | 78 | $ | 134,324 |
Online games gross margin | 84 % | 84 % | 86 % | 86 % | 89 % | 89 % | ||||||||||||
- | (a) | - | (a) | - | (a) | |||||||||||||
Others gross profit | $ | 9,218 | $ | - | $ | 9,218 | $ | 8,069 | $ | - | $ | 8,069 | $ | 10,772 | $ | - | $ | 10,772 |
Others gross margin | 73 % | 73 % | 68 % | 68 % | 66 % | 66 % | ||||||||||||
56 | (a) | 64 | (a) | 168 | (a) | |||||||||||||
Gross profit | $ | 141,780 | $ | 56 | $ | 141,836 | $ | 144,309 | $ | 64 | $ | 144,373 | $ | 155,088 | $ | 168 | $ | 155,256 |
Gross margin | 73 % | 73 % | 75 % | 75 % | 76 % | 76 % | ||||||||||||
Operating expenses | $ | 131,686 | $ | (1,330) | (a) $ | 130,356 | $ | 131,638 | $ | (1,499) | (a) $ | 130,139 | $ | 130,307 | $ | (3,098) | (a) $ | 127,209 |
1,386 | (a) | 1,563 | (a) | 3,266 | (a) | |||||||||||||
Operating profit | $ | 10,094 | $ | 1,386 | $ | 11,480 | $ | 12,671 | $ | 1,563 | $ | 14,234 | $ | 24,781 | $ | 3,266 | $ | 28,047 |
Operating margin | 5 % | 6 % | 7 % | 7 % | 12 % | 14 % | ||||||||||||
Income tax expense | $ | 17,323 | $ | (1,405) | (b,c)$ | 15,918 | $ | 16,997 | $ | 125 | (b,c)$ | 17,122 | $ | 10,847 | $ | (1,755) | (b,c)$ | 9,092 |
1,386 | (a) | 1,563 | (a) | 3,266 | (a) | |||||||||||||
734 | (b) | 4,010 | (b) | (1,673) | (b) | |||||||||||||
1,649 | (c) | 1,213 | (c) | 1,198 | (c) | |||||||||||||
- | (d) | - | (d) | 156 | (d) | |||||||||||||
Net income before non-controlling interest | $ | 8,669 | $ | 3,769 | $ | 12,438 | $ | 2,669 | $ | 6,786 | $ | 9,455 | $ | 21,851 | $ | 2,947 | $ | 24,798 |
1,386 | (a) | 1,563 | (a) | 3,266 | (a) | |||||||||||||
734 | (b) | 4,010 | (b) | (1,673) | (b) | |||||||||||||
1,649 | (c) | 1,213 | (c) | 1,198 | (c) | |||||||||||||
- | (d) | - | (d) | 156 | (d) | |||||||||||||
Net income from continuing | $ | 8,668 | $ | 3,769 | $ | 12,437 | $ | 2,666 | $ | 6,786 | $ | 9,452 | $ | 21,851 | $ | 2,947 | $ | 24,798 |
Net income from discontinued | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 18,776 | $ | 493 | $ | 19,269 |
Net income attributable to Sohu.com | $ | 8,668 | $ | 3,769 | $ | 12,437 | $ | 2,666 | $ | 6,786 | $ | 9,452 | $ | 40,627 | $ | 3,440 | $ | 44,067 |
Diluted net income from continuing | $ | 0.25 | $ | 0.36 | $ | 0.07 | $ | 0.26 | $ | 0.55 | $ | 0.63 | ||||||
Diluted net income from | $ | - | $ | - | $ | - | $ | - | $ | 0.48 | $ | 0.49 | ||||||
Diluted net income per share/ADS | $ | 0.25 | $ | 0.36 | $ | 0.07 | $ | 0.26 | $ | 1.03 | $ | 1.12 | ||||||
Shares/ADSs used in computing | 34,535 | 34,535 | 36,802 | 36,802 | 39,509 | 39,509 | ||||||||||||
Note: | ||||||||||||||||||
(a) To eliminate the impact of share-based awards. | ||||||||||||||||||
(b) To adjust for changes in the fair value of the Company's investments. | ||||||||||||||||||
(c) To adjust for the effect of the Toll Charge. | ||||||||||||||||||
(d) To adjust for an impairment charge recognized for an investment unrelated to the Company's core businesses | ||||||||||||||||||
[9] Following the completion on September 23, 2021 of the transaction with Tencent related to Sogou, Sohu no longer has any ownership interest in Sogou. Unless indicated otherwise, results | ||||||||||||||||||
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SOURCE Sohu.com Limited
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