SOHU.COM REPORTS SECOND QUARTER 2024 UNAUDITED FINANCIAL RESULTS
BEIJING , Aug. 5, 2024 /PRNewswire/ -- Sohu.com Limited (NASDAQ: SOHU) ("Sohu" or the "Company"), a leading Chinese online media, video, and game business group, today reported unaudited financial results for the second quarter ended June 30, 2024. Second Q uarter Highlights Total revenues were US$172 million, up 13% year-over-year and 24% quarter-over-quarter.
Sohu.com to Report Second Quarter 2024 Financial Results on August 5, 2024
BEIJING , July 22, 2024 /PRNewswire/ -- Sohu.com Limited (NASDAQ: SOHU), a leading Chinese online media, video and game business group, will report its second quarter 2024 unaudited financial results on Monday, August 5, 2024, before U.S. market hours. Sohu's management team will host a conference call on the same day at 7:30 a.m.
Sohu.com (SOHU) Up 8.3% Since Last Earnings Report: Can It Continue?
Sohu.com (SOHU) reported earnings 30 days ago. What's next for the stock?
SOHU Incurs Wider-Than-Expected Loss in Q1 on Lower Revenues
Net Income On a GAAP basis, the company incurred a net loss of $25 million or a loss of 76 cents per American Depository Share compared with a net loss of $17.9 million or a loss of 53 cents per ADS in the prior-year quarter. Top-line contraction primarily led to the year-over-year wider loss during the quarter. Non-GAAP net loss was $21.6 million or a loss of 65 cents per ADS compared with a net loss of $12.6 million or a loss of 37 cents per ADS in the year-ago quarter. Non-GAAP net loss for the reported quarter was wider than the Zacks Consensus Estimate of a loss of 22 cents. Revenues Revenues in the reported quarter declined to $139.4 million from $161.8 million a year ago. The decrease in net sales in all the major business verticals impeded the top line during the quarter. Brand Advertising revenues declined 29% year over year to $16.1 million, while revenues from Online Games totaled $117.8 million, down 9% year over year. A decline in portal, video and real estate advertising revenues and growing competition in the online video market led to the downside. Other revenues totaled $5.5 million, down from $9.8 million in the year-ago quarter. For PC games, the total average monthly active user accounts (MAU) were 2.3 million, up 5% year over year. Total quarterly aggregate active paying accounts were 0.9 million, up 1%. For mobile games, the total average MAU was 2.8 million, up 71% year over year led by significant traction from Haikyu!!FLY HIGH launched in the quarter in Japan and South Korea. Total quarterly APA remained flat at 0.3 million. Other Details Quarterly GAAP gross profit was $106.7 million compared with the year-ago quarter's tally of $121.4 million, with a respective gross margin of 76.5% and 75%. Non-GAAP gross margin for the Brand Advertising business decreased to 1% from 17% in the prior-year quarter, while that for Online Games was 88%, up from 85% in the year-ago quarter. Non-GAAP operating expenses were $132.8 million, down 4% year over year. Liquidity As of Mar 31, 2024, the company had $318.7 million in cash and cash equivalents with $481.6 million of long-term tax liabilities. Outlook For the second quarter of 2024, Brand Advertising revenues are estimated to be in the range of $18-$20 million, which indicates a decrease of 16% to 25% year over year. Online Games revenues are estimated in the band of $133-$143 million, which indicates an increase of 12% to 21% year over year. Sohu's non-GAAP net loss is likely to be between $27 million and $37 million. GAAP net loss is projected between $30 million and $40 million. Zacks Rank CommScope currently carries a Zacks Rank #3 (Hold). Upcoming Releases To read this article on Zacks.com click here.
Sohu.com Limited (SOHU) Q1 2024 Earnings Call Transcript
Sohu.com Limited (NASDAQ:SOHU ) Q1 2024 Results Conference Call May 20, 2024 7:30 AM ET Company Participants Huang Pu - IR Director Charles Zhang - Chairman, CEO Joanna Lv - CFO Dewen Chen - Changyou CEO Conference Call Participants Thomas Chong - Jefferies Alicia Yap - Citi Operator Ladies and gentlemen, thank you for standing by, and good evening. Thank you for joining Sohu's First Quarter 2024 Earnings Conference Call.
SOHU.COM REPORTS FIRST QUARTER 2024 UNAUDITED FINANCIAL RESULTS
BEIJING, May 20, 2024 /PRNewswire/ -- Sohu.com Limited (NASDAQ: SOHU) ("Sohu" or the "Company"), a leading Chinese online media, video, and game business group, today reported unaudited financial results for the first quarter ended March 31, 2024. First Q uarter Highlights Total revenues were US$139 million, down 14% year-over-year and 1% quarter-over-quarter.
