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SOHU.COM REPORTS THIRD QUARTER 2024 UNAUDITED FINANCIAL RESULTS
SOHUSohu.com(SOHU) Prnewswire·2024-11-12 05:00

Core Viewpoint - Sohu.com Limited reported its third-quarter financial results for 2024, showing a mixed performance with total revenues increasing year-over-year but declining quarter-over-quarter, alongside a net loss that widened compared to the previous year and quarter [2][5]. Financial Performance - Total revenues for Q3 2024 were US152million,representinga5152 million, representing a 5% increase year-over-year but a 12% decrease quarter-over-quarter [2][5]. - Brand advertising revenues were US19 million, down 15% year-over-year and 6% quarter-over-quarter [2][5]. - Online game revenues reached US128million,up9128 million, up 9% year-over-year but down 13% quarter-over-quarter [2][5]. - GAAP net loss attributable to Sohu.com Limited was US16 million, compared to a net loss of US14millioninQ32023andUS14 million in Q3 2023 and US38 million in Q2 2024 [5][4]. - Non-GAAP net loss attributable to Sohu.com Limited was US12million,comparedtoanetlossofUS12 million, compared to a net loss of US10 million in Q3 2023 and US34millioninQ22024[5][4].GrossMarginandOperatingExpenses−BothGAAPandnon−GAAPgrossmarginstoodat7434 million in Q2 2024 [5][4]. Gross Margin and Operating Expenses - Both GAAP and non-GAAP gross margin stood at 74%, down from 76% in Q3 2023 and up from 67% in Q2 2024 [2][5]. - Operating expenses were US125 million, down 5% year-over-year and 22% quarter-over-quarter [2][5]. User Engagement and Game Performance - For PC games, average monthly active user accounts were 2.2 million, a decrease of 2% year-over-year and 3% quarter-over-quarter [7]. - For mobile games, average monthly active users were 3.2 million, an increase of 41% year-over-year but a decrease of 34% quarter-over-quarter [7]. Share Repurchase Program - On November 9, 2024, Sohu's board authorized an extension of its share repurchase program to November 10, 2026, allowing for the purchase of up to US150millionofoutstandingADSs[8].BusinessOutlook−ForQ42024,SohuestimatesbrandadvertisingrevenuesbetweenUS150 million of outstanding ADSs [8]. Business Outlook - For Q4 2024, Sohu estimates brand advertising revenues between US17 million and US19million,andonlinegamerevenuesbetweenUS19 million, and online game revenues between US97 million and US107million[9].−Non−GAAPnetlossisexpectedtobebetweenUS107 million [9]. - Non-GAAP net loss is expected to be between US26 million and US36million,whileGAAPnetlossisprojectedtobebetweenUS36 million, while GAAP net loss is projected to be between US30 million and US$40 million [9].