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Sohu's revenue in the second quarter fell by 22% compared with the same period last year. The number of monthly active users of Sohu PC / mobile games all declined.

2025-04-03 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizens Wu Yanzu in South China for the delivery of clues! CTOnews.com August 7 news, Sohu today released the second quarter of 2023 financial report. According to the financial report, Sohu's total revenue in the second quarter was $152 million (CTOnews.com Note: currently about 1.091 billion yuan), including brand advertising revenue of $24 million and online game revenue of $118 million, both of which met expectations.

Key performance revenues in the second quarter were $152 million, down 22 per cent from the same period in 2022 and 6 per cent from the previous quarter.

Brand advertising revenue was $24 million, down 4 per cent from the same period in 2022 and up 6 per cent from the previous quarter.

Online game revenue was $118 million, down 25 per cent from the same period in 2022 and 9 per cent from the previous quarter.

The net loss of American General Accounting Standards attributed to Sohu is $21 million. Net profit for the same period in 2022 was $9 million, compared with a net loss of $18 million in the previous quarter.

The non-American GAAP net loss attributed to Sohu was $18 million. Net profit for the same period in 2022 was $12 million, compared with a net loss of $13 million in the previous quarter.

Zhang Chaoyang, founder, chairman and CEO of Sohu, commented: "in the second quarter of 2023, our business performance was stable, with revenue and net profit meeting expectations. Sohu media, we continue to improve products and technology, to provide users with a large number of real-time and reliable content, enhance the user experience. Sohu video, we continue to develop the 'twin-engine' strategy, continue to enrich long and short video content, and actively improve social distribution. With the help of advanced live broadcast technology and Sohu product matrix, we have held a number of traditional and innovative marketing activities, which not only generate rich content but also attract a large number of users, and continue to open up business opportunities and obtain advertising budget. The performance of the online game business is solid and the revenue is in line with previous expectations. "

Total group performance revenue in the second quarter was $152 million, down 22 per cent from the same period in 2022 and 6 per cent from the previous quarter.

Brand advertising revenue was $24 million, down 4 per cent from the same period in 2022 and up 6 per cent from the previous quarter.

Online game revenue was $118 million, down 25 per cent from the same period in 2022 and 9 per cent from the previous quarter. The year-on-year and month-on-month decline is mainly due to the natural decline in revenue from old games.

Gross profit margin both American GAAP and non-GAAP gross profit margins were 76% and 73% respectively in the same period in 2022, compared with 75% in the previous quarter.

In brand advertising, both GAAP and non-GAAP gross margins were 30%, 4% in the same period in 2022 and 17% in the previous quarter.

Both GAAP and non-GAAP gross margins in online games were 87%, 84% in the same period in 2022 and 85% in the previous quarter.

Operating expenses GAAP operating expenses were $138 million, up 5 per cent from the same period in 2022 and down 1 per cent from the previous quarter. Non-GAAP operating expenses were $138 million, up 6 per cent from the same period in 2022 and down 1 per cent from the previous quarter. The increase in year-on-year operating expenses is mainly due to the increase in research and development expenses for Changyou products.

Operating profit / (loss) operating loss under GAAP was $23 million, compared with $10 million in the same period in 2022 and $18 million in the previous quarter.

Non-GAAP operating loss was $23 million, compared with an operating profit of $11 million in the same period in 2022 and an operating loss of $18 million in the previous quarter.

Income tax expenses GAAP income tax expenses were $18 million, compared with $17 million for the same period in 2022 and $13 million in the previous quarter. Non-GAAP income tax expenses were $15 million, compared with $16 million for the same period in 2022 and $11 million in the previous quarter.

Net profit / (loss) attributable to Sohu, the net loss of GAAP was $21 million and the diluted net loss per share of GAAP was $0.62. Net profit for the same period in 2022 was $9 million, compared with a net loss of $18 million in the previous quarter.

The net loss attributable to Sohu was $18 million and the non-GAAP diluted net loss per share was $0.52. Net profit for the same period in 2022 was $12 million, compared with a net loss of $13 million in the previous quarter.

Changyou performance supplementary information in the second quarter of 2023, in terms of PC client games, the total average number of monthly active users was 2.2 million, down 4% from the same period last year and the same as the previous quarter. The total number of active fee-paying households in the quarter was 900000, down 12 per cent from the same period last year and 4 per cent from the previous quarter. The year-on-year decline in the number of paid households is mainly due to the natural decline of Tianlong PC games.

In terms of mobile games, the total average number of monthly active users was 1.3 million, down 35% from the same period last year and 19% from the previous quarter. The total number of active fee-paying households in the quarter was 300000, down 35 per cent from the same period last year and 15 per cent from the previous quarter. The year-on-year and month-on-month decline in the number of active users and paid users is mainly due to the natural decline of old games.

Total unaudited financial performance in the second quarter of 2023 was $119 million, down 25 per cent from the same period last year and 9 per cent from the previous quarter. Online game revenue was $118 million, down 25 per cent from the same period last year and 9 per cent from the previous quarter. Online advertising revenue was $1 million, down 37% from the same period last year and 19% from the previous quarter.

Gross profits of both GAAP and non-GAAP were $103 million, down 22 per cent from the same period last year and 7 per cent from the previous quarter.

Us GAAP operating expenses were $54 million, up 12 per cent from the same period last year and down 5 per cent from the previous quarter. The year-on-year increase is mainly due to an increase in product research and development costs.

Non-GAAP operating expenses were $54 million, up 13 per cent from the same period last year and down 5 per cent from the previous quarter.

GAAP operating profit was $49 million, compared with $84 million in the same period in 2022 and $54 million in the previous quarter.

Non-GAAP operating profit was $49 million, compared with $85 million in the same period in 2022 and $55 million in the previous quarter.

Business Outlook for the third quarter of 2023, Sohu expects:

Brand advertising revenues range from $21 million to $24 million (currently about 151 million to 172 million yuan), down 7 to 18 per cent from the same period in 2022 and 12 per cent from the second quarter of 2023.

Online game revenues range from $108 million to $118 million, down 21 per cent to 27 per cent from the same period in 2022 and 9 per cent from the second quarter of 2023. "New The Demi-Gods & Semi-Devils" mobile games are scheduled to be launched in the third quarter of 2023, and revenue forecasts remain uncertain until they are officially launched. Out of careful consideration, the company's guidance forecast for the third quarter did not include the impact of the "new The Demi-Gods & Semi-Devils" mobile games.

The net loss of non-American accounting standards attributed to Sohu is between $20 million and $30 million, while that of Sohu is between $23 million and $33 million.

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