Sohu.com Reports Net Profit For Q3, But Revenue Declines
Sohu.com Limited (SOHU), a Chinese internet service provider, on Monday reported a turnaround to net profit for the third-quarter of 2023, amidst earnings of $35.426 million from discontinued operations.
For the three-month period to September 30, the company posted a net profit of $21.367 million or $0.63 or per share and ADS, compared with a loss of $21.583 million or $0.63 per share and ADS, recorded for the same period last year.
Excluding items, income was at $25.226 million or $0.74 per share and ADS, versus a loss of $17.356 million or $0.50 per share and ADS a year ago.
Net loss from continuing operations increased to $14.059 million or $0.41 per share and ADS from last year’s $21.583 million or $0.63 per share and ADS.
Net earnings from discontinued operations were at $35.426 million or $1.04 per share or ADS, compared with zero net income from discontinued operations in 2022.
Income before income tax expenses stood at $1.279 million, compared with a loss of $5.371 million a year ago.
Loss from operations was $20.631 million, up from last year’s $18.058 million.
Revenue moved down to $145.430 million from $185.274 million in 2022.
Brand advertising revenues fell by 14 percent to $22 million, whereas Online game revenues were $117 million, down 21 percent from last year. The fall in game revenue was mainly due to a natural decline in demand for the company’s older games.
Looking ahead, for the fourth-quarter, Sohu.com expects a net loss of $13 million to $23 million.
Excluding items, the company projects its fourth-quarter loss to be in the range of $10 million to $20 million.
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