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Ball Reports Second Quarter 2024 Results

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Highlights

Second quarter U.S. GAAP total diluted earnings per share of 51 cents vs. 55 cents in 2023Second quarter comparable diluted earnings per share of 74 cents vs. 61 cents in 2023Global beverage can shipments increased 2.8% and global aluminum aerosol shipments increased 5.6%Returned $790 million to shareholders via share repurchases and dividends in the first half of 2024; on track to return in excess of $1.6 billion to shareholders by year-endIn 2024 and beyond, positioned to advance the use of sustainable aluminum packaging, grow comparable diluted earnings per share, generate strong free cash flow and expand long-term return of value to shareholders

WESTMINSTER, Colo., Aug. 1, 2024 /PRNewswire/ — Ball Corporation (NYSE: BALL) today reported second quarter results. References to net sales and comparable operating earnings in today’s release do not include the company’s former aerospace business. Year-over-year net earnings attributable to the corporation and comparable net earnings do include the performance of the company’s former aerospace business through the sale date of February 16, 2024. On a U.S. GAAP basis, the company reported, second quarter 2024 net earnings attributable to the corporation of $158 million (including a net after-tax loss of $74 million, or 23 cents per diluted share for business consolidation and other non-comparable items) or total diluted earnings per share of 51 cents, on sales of $2.96 billion, compared to $173 million net earnings attributable to the corporation, or total diluted earnings per share of 55 cents (including a net after-tax loss of $21 million, or 6 cents per diluted share for business consolidation and other non-comparable items) on sales of $3.07 billion in 2023. Results for the first six months of 2024 were net earnings attributable to the corporation of $3.84 billion (including a net after-tax gain of $3.39 billion for the aerospace business sale, business consolidation and other non-comparable items), or total diluted earnings per share of $12.21, on sales of $5.83 billion compared to $350 million, or total diluted earnings per share of $1.10, on sales of $6.05 billion for the first six months of 2023.

Ball’s second quarter and year-to-date 2024 comparable earnings per diluted share were 74 cents and $1.43, respectively, versus second quarter and year-to-date 2023 comparable earnings per diluted share of 61 cents and $1.30, respectively.

“We delivered strong second quarter results and returned $790 million to shareholders in the first half of 2024. Leveraging our strong financial position and leaner operating model, the company remains uniquely positioned to enable our purpose of advancing the greater use of sustainable aluminum packaging. We continue to complement our purpose by driving innovation and sustainability on a global scale, unlocking additional manufacturing efficiencies and enabling consistent delivery of high-quality, long-term shareholder value creation,” said Daniel W. Fisher, chairman and chief executive officer.

 Details of reportable segment comparable operating earnings, business consolidation and other activities, business segment descriptions and other non-comparable items can be found in the notes to the unaudited condensed consolidated financial statements that accompany this news release. References to volume data represent units shipped.

Beverage Packaging, North and Central America

Beverage packaging, North and Central America, segment comparable operating earnings for second quarter 2024 were $210 million on sales of $1.47 billion compared to $175 million on sales of $1.54 billion during the same period in 2023. Second quarter sales reflect the contractual pass through of lower aluminum costs partially offset by higher volumes. 

Second quarter segment comparable operating earnings increased year-over-year primarily due to lower costs and higher volumes of 1.1 percent in the second quarter. Aluminum beverage cans continue to outperform other substrates. Going forward, growth supported by business development efforts and innovation across diverse beverage categories, additional benefits from fixed and variable cost-out initiatives and improved operational efficiencies are expected to improve results throughout 2024 and beyond.

Beverage Packaging, EMEA

Beverage packaging, EMEA, segment comparable operating earnings for second quarter 2024 were $113 million on sales of $880 million compared to $98 million on sales of $920 million during the same period in 2023. Second quarter sales reflect the contractual pass through of lower aluminum costs.

Second quarter comparable operating earnings reflect 6.5 percent higher volumes and favorable price/mix partially offset by higher year-over-year costs. Packaging mix shift to aluminum cans supported by ongoing packaging legislation in certain countries continues to be a driver of aluminum beverage packaging growth. Going forward, sustainability tailwinds and seasonal trends are anticipated to improve demand throughout the year.

Beverage Packaging, South America

Beverage packaging, South America, segment comparable operating earnings for second quarter 2024 were $37 million on sales of $422 million compared to $30 million on sales of $405 million during the same period in 2023. Second quarter sales reflect lower volumes more than offset by price/mix.

Second quarter segment comparable operating earnings increased year-over-year driven by favorable price/mix partially offset by the impact of continuing disruptive economic and operating conditions in Argentina driving total segment volumes lower by 3.2 percent in the second quarter. In Argentina, the company continues to serve customers and assess risks given the dynamic economic and policy environment. Across South America multi-year customer initiatives to increase the use of sustainable aluminum packaging are expected to continue.

Non-reportable

Included within undistributed corporate expenses are corporate interest income, incremental compensation cost from the successful sale of the aerospace business, the results of the company’s global aluminum aerosol business, beverage can manufacturing facilities in India, Saudi Arabia and Myanmar and the company’s aluminum cup business.

Second quarter 2024 improved results reflect lower year-over-year undistributed corporate expenses partially offset by lower comparable operating earnings for the aluminum packaging businesses in other non-reportable. Volume in the company’s global extruded aluminum bottles and aerosol containers business increased 5.6 percent in the second quarter. The company’s global aluminum aerosol, aluminum bottle and cups customers continue to collaborate with Ball to activate growth opportunities and tailored offerings for personal and home care brands, refill and reuse packaging for water, other beverages and venue specific needs to advance the circular economy.

Outlook

 “Our global business performance remains strong and on track to deliver or exceed against our stated goals. We are now on track to return in excess of $1.6 billion to shareholders in 2024. By consistently executing on our plans to drive continuous improvement and operational excellence, our resulting strong free cash flow will allow us to return significant value to shareholders while also prudently investing in our business over the years to come,” said Howard Yu, executive vice president and chief financial officer.

 “The team is operating at a high level and is focused on executing our enterprise-wide strategy with purpose and pace to advance aluminum packaging and to consistently deliver high-quality results, products and returns. In 2024, we are positioned to achieve mid-single digit plus comparable diluted earnings per share growth, generate strong free cash flow and EVA while also returning significant value to shareholders through a combination of share repurchases and dividends following the sale of the company’s aerospace business. We will continue to leverage the strengths of our best-in-class footprint, product portfolio and operational talent. I want to thank our employees for their hard work to consistently deliver comparable diluted earnings per share growth greater than 10 percent per annum in 2025 and beyond,” Fisher said.

About Ball Corporation

Ball Corporation supplies innovative, sustainable aluminum packaging solutions for beverage, personal care and household products customers. Ball Corporation employs 16,000 people worldwide and reported 2023 net sales of $12.06 billion, which excludes the divested aerospace business. For more information, visit www.ball.com, or connect with us on Facebook or X (Twitter).

Conference Call Details
Ball Corporation (NYSE: BALL) will hold its second quarter 2024 earnings call today at 9 a.m. Mountain time (11 a.m. Eastern). The North American toll-free number for the call is +1 877-497-9071. International callers should dial +1 201-689-8727. Please use the following URL for a webcast of the live call:

https://event.choruscall.com/mediaframe/webcast.html?webcastid=K0QYImmO

For those unable to listen to the live call, a webcast replay and written transcript of the call will be posted within 48 hours of the call’s conclusion to Ball’s website at www.ball.com/investors under “news and presentations.”

Forward-Looking Statement
This release contains “forward-looking” statements concerning future events and financial performance. Words such as “expects,” “anticipates,” “estimates,” “believes,” and similar expressions typically identify forward looking statements, which are generally any statements other than statements of historical fact. Such statements are based on current expectations or views of the future and are subject to risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied. You should therefore not place undue reliance upon any forward-looking statements, and they should be read in conjunction with, and qualified in their entirety by, the cautionary statements referenced below. Ball undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key factors, risks and uncertainties that could cause actual outcomes and results to be different are summarized in filings with the Securities and Exchange Commission, including Exhibit 99 in Ball’s Form 10-K, which are available on Ball’s website and at www.sec.gov. Additional factors that might affect: a) Ball’s packaging segments include product capacity, supply, and demand constraints and fluctuations and changes in consumption patterns; availability/cost of raw materials, equipment, and logistics; competitive packaging, pricing and substitution; changes in climate and weather and related events such as drought, wildfires, storms, hurricanes, tornadoes and floods; footprint adjustments and other manufacturing changes, including the startup of new facilities and lines; failure to achieve synergies, productivity improvements or cost reductions; unfavorable mandatory deposit or packaging laws; customer and supplier consolidation; power and supply chain interruptions; changes in major customer or supplier contracts or loss of a major customer or supplier; inability to pass through increased costs; war, political instability and sanctions, including relating to the situation in Russia and Ukraine and its impact on Ball’s supply chain and its ability to operate in Europe, the Middle East and Africa regions generally; changes in foreign exchange or tax rates; and tariffs, trade actions, or other governmental actions, including business restrictions and orders affecting goods produced by Ball or in its supply chain, including imported raw materials; and b) Ball as a whole include those listed above plus: the extent to which sustainability-related opportunities arise and can be capitalized upon; changes in senior management, succession, and the ability to attract and retain skilled labor; regulatory actions or issues including those related to tax, environmental, social and governance reporting, competition, environmental, health and workplace safety, including U.S. Federal Drug Administration and other actions or public concerns affecting products filled in Ball’s containers, or chemicals or substances used in raw materials or in the manufacturing process; technological developments and innovations; the ability to manage cyber threats; litigation; strikes; disease; pandemic; labor cost changes; inflation; rates of return on assets of Ball’s defined benefit retirement plans; pension changes; uncertainties surrounding geopolitical events and governmental policies, including policies, orders, and actions related to COVID-19; reduced cash flow; interest rates affecting Ball’s debt; successful or unsuccessful joint ventures, acquisitions and divestitures, and their effects on Ball’s operating results and business generally.

Ball Corporation

Condensed Financial Statements (Second Quarter 2024)

Unaudited Condensed Consolidated Statements of Earnings

Three Months Ended

Six Months Ended

June 30,

June 30,

($ in millions, except per share amounts)

2024

2023

2024

2023

Net sales

$

2,959

$

3,067

$

5,833

$

6,048

Cost of sales (excluding depreciation and amortization)

(2,357)

(2,506)

(4,640)

(4,938)

Depreciation and amortization

(152)

(150)

(310)

(297)

Selling, general and administrative

(139)

(157)

(376)

(276)

Business consolidation and other activities

(60)

6

(86)

(14)

Interest income

18

7

44

11

Interest expense

(68)

(116)

(161)

(229)

Debt refinancing and other costs

(1)

—

(3)

—

Earnings before taxes

200

151

301

305

Tax (provision) benefit

(49)

(29)

(76)

(62)

Equity in results of affiliates, net of tax

8

3

13

10

Earnings from continuing operations

159

125

238

253

Discontinued operations, net of tax

—

48

3,607

100

Net earnings

159

173

3,845

353

Net earnings attributable to noncontrolling interests, net of tax

1

—

2

3

Net earnings attributable to Ball Corporation

$

158

$

173

$

3,843

$

350

Earnings per share:

Basic – continuing operations

$

0.51

$

0.40

$

0.76

$

0.79

Basic – discontinued operations

—

0.15

11.55

0.32

Total basic earnings per share

$

0.51

$

0.55

$

12.31

$

1.11

Diluted – continuing operations

$

0.51

$

0.40

$

0.75

$

0.79

Diluted – discontinued operations

—

0.15

11.46

0.31

Total diluted earnings per share

$

0.51

$

0.55

$

12.21

$

1.10

Weighted average shares outstanding (000s):

Basic

309,269

314,561

312,109

314,400

Diluted

311,964

316,867

314,690

316,764

 

Ball Corporation

Condensed Financial Statements (Second Quarter 2024)

Unaudited Condensed Consolidated Statements of Cash Flows

Six Months Ended

June 30,

($ in millions)

2024

2023

Cash Flows from Operating Activities:

Net earnings

$

3,845

$

353

Depreciation and amortization

319

336

Business consolidation and other activities

86

14

Deferred tax provision (benefit)

185

(23)

Gain on Aerospace disposal

(4,695)

–

Pension contributions

(15)

(9)

Other, net

23

15

Changes in working capital components, net of dispositions

(743)

(325)

Cash provided by (used in) operating activities

(995)

361

Cash Flows from Investing Activities:

Capital expenditures

(260)

(608)

Business dispositions, net of cash sold

5,422

–

Other, net

42

4

Cash provided by (used in) investing activities

5,204

(604)

Cash Flows from Financing Activities:

Changes in borrowings, net

(2,729)

756

Acquisitions of treasury stock

(665)

(3)

Dividends

(125)

(126)

Other, net

23

17

Cash provided by (used in) financing activities

(3,496)

644

Effect of currency exchange rate changes on cash, cash equivalents and restricted cash

(75)

9

Change in cash, cash equivalents and restricted cash

638

410

Cash, cash equivalents and restricted cash – beginning of period

710

558

Cash, cash equivalents and restricted cash – end of period

$

1,348

$

968

 

Ball Corporation

Condensed Financial Statements (Second Quarter 2024)

Unaudited Condensed Consolidated Balance Sheets

June 30,

($ in millions)

2024

2023

Assets

Current assets

Cash and cash equivalents

$

1,346

$

955

Receivables, net

2,711

2,010

Inventories, net

1,426

1,954

Other current assets

229

178

Current assets held for sale

40

338

Total current assets

5,752

5,435

Property, plant and equipment, net

6,547

6,621

Goodwill

4,190

4,229

Intangible assets, net

1,159

1,316

Other assets

1,313

1,730

Noncurrent assets held for sale

—

840

Total assets

$

18,961

$

20,171

Liabilities and Equity

Current liabilities

Short-term debt and current portion of long-term debt

$

276

$

2,245

Payables and other accrued liabilities

4,613

4,344

Current liabilities held for sale

—

337

Total current liabilities

4,889

6,926

Long-term debt

5,517

7,507

Other long-term liabilities

1,572

1,628

Noncurrent liabilities held for sale

—

205

Equity

6,983

3,905

Total liabilities and equity

$

18,961

$

20,171

 

Ball Corporation
Notes to the Condensed Financial Statements (Second Quarter 2024)

1. U.S. GAAP Measures

Business Segment Information

Ball’s operations are organized and reviewed by management along its product lines and geographical areas.

On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company’s consolidated financial statements reflect the aerospace business’ financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in the three reportable segments outlined below: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America.

Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries.

Beverage packaging, EMEA: Consists of operations in numerous countries throughout Europe, as well as Egypt and Turkey, that manufacture and sell aluminum beverage containers throughout those countries.

Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America.

Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India, Saudi Arabia and Myanmar; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (aerosol packaging) throughout North America, South America, Europe, and Asia; a non-reportable operating segment that manufactures and sells aluminum cups (aluminum cups); undistributed corporate expenses; and intercompany eliminations and other business activities.

The company also has investments in operations in Guatemala, Panama, the U.S. and Vietnam that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings.

In the third quarter of 2023, Ball entered into a Stock Purchase Agreement (Agreement) with BAE Systems, Inc. (BAE) and, for the limited purposes set forth therein, BAE Systems plc, to sell all outstanding equity interests in Ball’s aerospace business. On February 16, 2024, the company completed the divestiture of the aerospace business for a purchase price of $5.6 billion, subject to working capital adjustments and other customary closing adjustments under the terms of the Agreement. The company is in the process of finalizing the working capital adjustments and other customary closing adjustments with BAE, which is currently expected to be completed in 2024 and may adjust the final cash proceeds and gain on sale amounts. The divestiture resulted in a pre-tax gain of $4.67 billion, which is net of $20 million of costs to sell incurred and paid in 2023 related to the disposal. Cash proceeds received at close from the sale of $5.42 billion, net of the cash disposed, are presented in business dispositions, net of cash sold, in the unaudited condensed consolidated statement of cash flows for the six months ended June 30, 2024. The company expects to pay approximately $1.00 billion in income taxes related to the transaction throughout 2024, of which $461 million has been paid as of June 30, 2024. The remaining amount of income taxes related to the transaction is recorded in payables and other accrued liabilities in the unaudited condensed consolidated balance sheet. Additionally, the completion of the divestiture resulted in the removal of the aerospace business from the company’s obligor group, as the business no longer guarantees the company’s senior notes and senior credit facilities.

Three Months Ended

Six Months Ended

June 30,

June 30,

($ in millions)

2024

2023

2024

2023

Net sales

Beverage packaging, North and Central America

$

1,469

$

1,537

$

2,872

$

3,041

Beverage packaging, EMEA

880

920

1,690

1,754

Beverage packaging, South America

422

405

904

855

Reportable segment sales

2,771

2,862

5,466

5,650

Other

188

205

367

398

Net sales

$

2,959

$

3,067

$

5,833

$

6,048

Comparable segment operating earnings

Beverage packaging, North and Central America

$

210

$

175

$

402

$

358

Beverage packaging, EMEA

113

98

198

171

Beverage packaging, South America

37

30

92

80

Reportable segment comparable operating earnings

360

303

692

609

Reconciling items

Other (a)

2

(8)

(70)

7

Business consolidation and other activities

(60)

6

(86)

(14)

Amortization of acquired Rexam intangibles

(33)

(34)

(71)

(68)

Interest expense

(68)

(116)

(161)

(229)

Debt refinancing and other costs

(1)

—

(3)

—

Earnings before taxes

$

200

$

151

$

301

$

305

(a)

Includes undistributed corporate expenses, net, of $21 million and $32 million for the three months ended June 30, 2024 and 2023, respectively, and $117 million and $42 million for the six months ended June 30, 2024 and 2023, respectively. For the three and six months ended June 30, 2024, undistributed corporate expenses, net, include $3 million and $82 million of incremental compensation cost from the successful sale of the aerospace business consisting of cash bonuses and stock based compensation, respectively. For the three and six months ended June 30, 2024, undistributed corporate expenses, net, also include $12 million and $29 million of corporate interest income, respectively. 

 

Discontinued Operations

The following table presents components of discontinued operations, net of tax for the three and six months ended June 30, 2024 and 2023:

Three Months Ended June 30,

Six Months Ended June 30,

($ in millions)

2024

2023

2024

2023

Net sales

$

—

$

499

$

261

$

1,007

Cost of sales (excluding depreciation and amortization)

—

(410)

(214)

(823)

Depreciation and amortization

—

(20)

(9)

(39)

Selling, general and administrative

—

(15)

(11)

(31)

Interest expense

—

1

—

1

Gain on disposition

—

—

4,695

—

Tax (provision) benefit

—

(7)

(1,115)

(15)

Discontinued operations, net of tax

$

—

$

48

$

3,607

$

100

 

2. Non-U.S. GAAP Measures

Non-U.S. GAAP Measures – Non-U.S. GAAP measures should not be considered in isolation. They should not be considered superior to, or a substitute for, financial measures calculated in accordance with U.S. GAAP and may not be comparable to similarly titled measures of other companies. Presentations of earnings and cash flows presented in accordance with U.S. GAAP are available in the company’s earnings releases and quarterly and annual regulatory filings. Information reconciling forward-looking U.S. GAAP measures to non-U.S. GAAP measures is not available without unreasonable effort. We have not provided guidance for the most directly comparable U.S. GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity and low visibility with respect to certain special items, including restructuring charges, business consolidation and other costs, gains and losses related to acquisition and divestiture of businesses, the ultimate outcome of certain legal or tax proceedings and other non-comparable items. These items are uncertain, depend on various factors and could be material to our results computed in accordance with U.S. GAAP.

Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (Comparable EBITDA) – Comparable EBITDA is earnings before interest expense, taxes, depreciation and amortization, business consolidation and other non-comparable items.
Comparable Operating Earnings – Comparable Operating Earnings is earnings before interest expense, taxes, business consolidation and other non-comparable items.
Comparable Net Earnings – Comparable Net Earnings is net earnings attributable to Ball Corporation before business consolidation and other non-comparable items after tax.
Comparable Diluted Earnings Per Share – Comparable Diluted Earnings Per Share is Comparable Net Earnings divided by diluted weighted average shares outstanding.
Net Debt – Net Debt is total debt less cash and cash equivalents, which are derived directly from the company’s financial statements.
Free Cash Flow – Free Cash Flow is typically derived directly from the company’s cash flow statements and is defined as cash flows from operating activities less capital expenditures; and, it may be adjusted for additional items that affect comparability between periods. Free Cash Flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures.
Adjusted Free Cash Flow – Adjusted Free Cash Flow is defined as Free Cash Flow adjusted for payments made for income tax liabilities related to the Aerospace disposition and other material dispositions. Adjusted Free Cash Flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire Adjusted Free Cash Flow amount is available for discretionary expenditures.

We use Comparable EBITDA, Comparable Operating Earnings, Comparable Net Earnings, and Comparable Diluted Earnings Per Share internally to evaluate the company’s operating performance. Ball management uses Interest Coverage (Comparable EBITDA to interest expense) and Leverage (Net Debt to Comparable EBITDA) as metrics to monitor the credit quality of Ball Corporation. Management internally uses free cash flow measures to: (1) evaluate the company’s liquidity, (2) evaluate strategic investments, (3) plan stock buyback and dividend levels and (4) evaluate the company’s ability to incur and service debt. Note that when non-U.S. GAAP measures exclude amortization of acquired Rexam intangibles, the measures include the revenue of the acquired entities and all other expenses unless otherwise stated and the acquired assets contribute to revenue generation.

Please see the company’s website for further details of the company’s non-U.S. GAAP financial measures at www.ball.com/investors under the “Financials” tab.

A summary of the effects of non-comparable items on after tax earnings is as follows:

Three Months Ended

Six Months Ended

June 30,

June 30,

($ in millions, except per share amounts)

2024

2023

2024

2023

Net earnings attributable to Ball Corporation

$

158

$

173

$

3,843

$

350

Facility closure costs and other items (1)

60

(6)

86

14

Amortization of acquired Rexam intangibles

33

34

71

68

Debt refinancing and other costs

1

—

3

—

Non-comparable tax items

(23)

(7)

1,059

(21)

Gain on Aerospace disposal (2)

—

—

(4,695)

—

Aerospace disposition compensation (3)

3

—

82

—

Comparable Net Earnings

$

232

$

194

$

449

$

411

Comparable Diluted Earnings Per Share

$

0.74

$

0.61

$

1.43

$

1.30

(1)

The charges for the three and six months ended June 30, 2024, were primarily composed of costs related to two plant closures and the company’s activities to establish its new operating model. First, in the second quarter of 2024, Ball recognized additional costs related to the previously announced permanent cease of production at the Santa Cruz, Brazil, aluminum beverage can manufacturing facility. Costs recorded were primarily composed of costs to scrap remaining assets or write them down to their sellable value. Second, in the fourth quarter of 2023, Ball announced the planned closure of its aluminum beverage can manufacturing facility in Kent, Washington. Production permanently ceased at this facility in the first quarter of 2024. Costs recorded were primarily composed of amounts for employee severance and benefits, accelerated depreciation and other shutdown costs related to this closure. Third, in 2024, the company restructured its operating model and recorded charges primarily related to employee severance, employee benefits and other related items. The charges for the six months ended June 30, 2024, were partially offset by income from the receipt of insurance proceeds for replacement costs related to the 2023 fire at the company’s Verona, Virginia extruded aluminum slug manufacturing facility.

In the first quarter of 2023, Ball announced the planned closure of its aluminum beverage can manufacturing facility in Wallkill, New York. Production permanently ceased at this facility in the third quarter of 2023. The charges for the six months ended June 30, 2023, primarily were composed of costs for employee severance and benefits, accelerated depreciation and other shutdown costs related to this closure.

(2)

In the first quarter of 2024, the company recorded a pre-tax gain for the sale of the aerospace business.

(3)

The charges for the three and six months ended June 30, 2024, were composed of incremental compensation costs from the successful sale of the aerospace business, which consisted of cash bonuses and stock based compensation. These amounts were recorded in selling, general and administrative in the unaudited condensed consolidated statement of earnings.

 

A summary of the effects of non-comparable items on earnings before taxes is as follows:

Three Months Ended

Six Months Ended

June 30,

June 30,

($ in millions)

2024

2023

2024

2023

Net earnings attributable to Ball Corporation

$

158

$

173

$

3,843

$

350

Net earnings attributable to noncontrolling interests, net of tax

1

—

2

3

Discontinued operations, net of tax

—

(48)

(3,607)

(100)

Earnings from continuing operations

159

125

238

253

Equity in results of affiliates, net of tax

(8)

(3)

(13)

(10)

Tax provision (benefit)

49

29

76

62

Earnings before taxes

200

151

301

305

Interest expense

68

116

161

229

Debt refinancing and other costs

1

—

3

—

Business consolidation and other activities

60

(6)

86

14

Aerospace disposition compensation

3

—

82

—

Amortization of acquired Rexam intangibles

33

34

71

68

   Comparable Operating Earnings

$

365

$

295

$

704

$

616

 

A summary of Comparable EBITDA, Net Debt, Interest Coverage and Leverage is as follows: 

Twelve

Less: Six

Add: Six

Months Ended

Months Ended

Months Ended

Year Ended

December 31,

June 30,

June 30,

June 30,

($ in millions, except ratios)

2023

2023

2024

2024

Net earnings attributable to Ball Corporation

$

707

$

350

$

3,843

$

4,200

Net earnings attributable to noncontrolling interests, net of tax

4

3

2

3

Discontinued operations, net of tax

(223)

(100)

(3,607)

(3,730)

Earnings from continuing operations

488

253

238

473

Equity in results of affiliates, net of tax

(20)

(10)

(13)

(23)

Tax provision (benefit)

146

62

76

160

Earnings before taxes

614

305

301

610

Interest expense

460

229

161

392

Debt refinancing and other costs

—

—

3

3

Business consolidation and other activities

133

14

86

205

Aerospace disposition compensation

—

—

82

82

Amortization of acquired Rexam intangibles

135

68

71

138

Comparable Operating Earnings

1,342

616

704

1,430

Depreciation and amortization

605

297

310

618

Amortization of acquired Rexam intangibles

(135)

(68)

(71)

(138)

Comparable EBITDA

$

1,812

$

845

$

943

$

1,910

Interest expense

$

(460)

$

(229)

$

(161)

$

(392)

Total debt at period end

$

5,793

Cash and cash equivalents

(1,346)

Net Debt

$

4,447

Interest Coverage (Comparable EBITDA/Interest Expense)

4.9

x

Leverage (Net Debt/Comparable EBITDA)

2.3

x

 

A summary of free cash flow and adjusted free cash flow is as follows:

Six Months Ended

June 30,

($ in millions)

2024

Total cash provided by (used in) operating activities

$

(995)

Less: Capital expenditures

(260)

Free Cash Flow

(1,255)

Add: Cash taxes paid for Aerospace disposition

461

Adjusted Free Cash Flow

$

(794)

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/ball-reports-second-quarter-2024-results-302211811.html

SOURCE Ball Corporation

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Tencent Cloud Named a Leader in the Inaugural Gartner® Magic Quadrant for Edge Distribution Platforms

Published

29 minutes ago

on

November 9, 2026

By

SHENZHEN, China, Nov. 8, 2026 /PRNewswire/ — Gartner has published its inaugural Magic Quadrant™ for Edge Distribution Platforms report, naming Tencent Cloud a Leader for EdgeOne, its edge security and acceleration platform. Tencent’s Ability to Execute and Completeness of Vision are the reasons why it was named a Leader in the Gartner Magic Quadrant for Edge Distribution Platforms.

A Global Distributed Network Underpinning Secure, Accelerated Delivery

Built on more than 3,200 edge nodes across over 70 countries and a backbone network of more than 400 Tbps, EdgeOne carries both inbound China traffic and international traffic, delivering a low-latency, highly resilient digital experience that serves as a network cornerstone for enterprises expanding overseas or entering the Chinese market.

On this network, EdgeOne serves enterprise customers across finance, media, e-commerce, logistics, ticketing, aviation, and hospitality, with standout results in latency-critical industries such as gaming and video. In gaming, IDC’s cloud gaming market research shows that Tencent Cloud CDN services running on EdgeOne have ranked first in China by revenue for four consecutive years and first in game download distribution scale. EdgeOne secures more than 10,000 games worldwide, delivering a stable, smooth experience for over 35 million pre-registered players of Neverness to Everness, providing distribution and security support for over 5.2 million pre-registered players of Mecha BREAK during its global open beta, and helping Delta Force fend off hundreds of large-scale attacks. In video, 80% of China’s top 10 outbound social video apps by scale run on EdgeOne, serving global leaders such as BeLive Technology, DONUTS, Bilibili, and Tencent Music Entertainment Group.

From Hosting to Inference: Bringing AI Applications to Market Faster at the Edge

In this evaluation, we feel Gartner focused on how well edge platforms support AI workloads. As agents move rapidly into production and inference shifts closer to users, EdgeOne has been recognized for two AI advances: the rapid launch of Makers, which helps websites and agents go live faster and reflects strong market responsiveness, and Booster, which runs inference in real time at the edge, closer to users, and demonstrates the strength of its edge inference platform.

As vibe coding takes off, a growing wave of newly generated agents is moving into production, creating new demands for instant deployment and hosting. Makers extends hosting from web pages to agents, letting enterprises deploy and go live quickly without building their own infrastructure, with global acceleration and security protection on by default. Makers now serves more than 500,000 users and over one million hosted sites, and can batch-deploy tens of thousands of assets — static HTML pages, full-stack websites, and more — for a single customer, supporting corporate websites, cross-border e-commerce, and AI SaaS, as well as agent launches and website modernization across healthcare, government, legal, and education.

Booster extends the global distributed infrastructure from content delivery to AI compute, running inference on edge nodes close to the business. For latency- and concurrency-sensitive workloads such as voice interaction, real-time interactive video, image and video generation, embodied AI data annotation, and game AI NPCs, Booster reduces network latency by more than 50%, cuts time-to-first-token by more than 70%, and boosts peak real-time concurrency by three to five times — all through a single integration that also brings acceleration and security protection.

Booster is now deployed across embodied AI, film and video, and outbound short-drama production, helping enterprises speed up real-time interaction, scale compute elastically for major events, and break through content-production bottlenecks. In embodied AI, robot voice-interaction inference runs on EdgeOne edge nodes, cutting first-word response time by 30%, reducing interaction jitter by 4.6x, and keeping end-to-end latency within one second. In film and video, EdgeOne provides on-demand, scalable inference for 4D Gaussian cloud reconstruction at major events. In outbound short-drama, AI dubbing platforms connect to Booster to support global delivery.

In addition, EdgeOne was recently named a Leader in the IDC MarketScape for Worldwide Managed Edge Services, Tencent Cloud was also named a Representative Vendor in two Gartner Market Guides — Cloud Web Application and API Protection, and Edge Distribution Platforms — and has seen related capabilities incorporated into 3GPP international standards. Looking ahead, EdgeOne will keep extending its global network, security, and edge computing capabilities toward AI, helping more enterprises connect with users worldwide and accelerate AI adoption.

Gartner Disclaimer

Gartner, Magic Quadrant for Edge Distribution Platforms, By Amol Nerlekar, Brandon Medford, Jimmy Chuang, 4 November 2026

Gartner, Market Guide for Cloud Web Application and API Protection, By Esraa ElTahawy, Adam Hils, Dale Koeppen, 8 June 2026

Gartner, Market Guide for Edge Distribution Platforms, By Amol Nerlekar, Peter Kjeldsen, Brandon Medford, 17 November 2025

Gartner and Magic Quadrant are trademarks of Gartner, Inc., and/or its affiliates.

Gartner does not endorse any company, vendor, product or service depicted in its publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner publications consist of the opinions of Gartner’s business and technology insights organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this publication, including any warranties of merchantability or fitness for a particular purpose.

The Gartner document is available upon request from Tencent Cloud.

View original content:https://www.prnewswire.com/news-releases/tencent-cloud-named-a-leader-in-the-inaugural-gartner-magic-quadrant-for-edge-distribution-platforms-302932950.html

SOURCE Tencent Cloud

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SOHU.COM REPORTS THIRD QUARTER 2026 UNAUDITED FINANCIAL RESULTS

Published

29 minutes ago

on

November 9, 2026

By

BEIJING, Nov. 9, 2026 /PRNewswire/ — Sohu.com Limited (NASDAQ: SOHU) (“Sohu” or the “Company”), a leading Chinese online media platform and game business group, today reported unaudited financial results for the third quarter ended September 30, 2026.

Third Quarter Highlights[1]

Total revenues were US$133 million, down 26% year-over-year and 2% quarter-over-quarter.Marketing services revenues were US$15 million, up 10% year-over-year and down 2% quarter-over-quarter.Online game revenues were US$114 million, down 30% year-over-year and 2% quarter-over-quarter.GAAP net loss attributable to Sohu.com Limited was US$15 million, compared with net income of US$9 million in the third quarter of 2025 and net income of US$0.2 million in the second quarter of 2026.Non-GAAP[2] net loss attributable to Sohu.com Limited was US$15 million, compared with net income of US$9 million in the third quarter of 2025 and net income of US$0.5 million in the second quarter of 2026.

Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, “In the third quarter of 2026, our marketing services revenues hit the high end of our guidance, while both our online game revenues and our bottom-line performance were in line with our expectations. For the Sohu social media platform, we continued to strengthen its social features through numerous iconic events, fostering genuine connections among users and boosting active user interactions across multiple verticals. We also kept leveraging our integrated product matrix with innovative and customized marketing solutions to unlock monetization potential. For our online games, we continued to introduce fresh content to sustain player interest while offering tailored gameplay experiences to meet evolving player needs.”

Third Quarter Financial Results

Revenues

Total revenues were US$133 million, down 26% year-over-year and 2% quarter-over-quarter.

Marketing services revenues were US$15 million, up 10% year-over-year and down 2% quarter-over-quarter.

Online game revenues were US$114 million, down 30% year-over-year and 2% quarter-over-quarter.

Cost of Revenues

Both GAAP and non-GAAP total cost of revenues were US$32 million, down 9% year-over-year and up 9% quarter-over-quarter.

Both GAAP and non-GAAP cost of marketing services revenues were US$15 million, up 23% year-over-year and 11% quarter-over-quarter.

Both GAAP and non-GAAP cost of online game revenues were US$14 million, down 33% year-over-year and up 2% quarter-over-quarter.

[1] Changyou’s wholly-owned subsidiary Shanghai Jingmao Culture Communication Co., Ltd. (“Shanghai Jingmao”), which operated Changyou’s cinema advertising business, ceased operations and commenced bankruptcy proceedings during the third quarter of 2019. During the third quarter of 2023, Shanghai Jingmao’s bankruptcy proceedings were concluded by a Chinese mainland bankruptcy court, and the Company accordingly recognized a disposal gain within discontinued operations in the condensed consolidated statements of operations. During the second quarter of 2026, as a result of the Company’s receipt of a further distribution of Shanghai Jingmao’s insolvent assets, the Company recognized an additional disposal gain of US$1 million within discontinued operations in the condensed consolidated statements of operations. Unless indicated otherwise, results presented in this press release are related to continuing operations only and exclude the disposal gain mentioned above.

[2] Non-GAAP results exclude share-based compensation expense. 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.”

Operating Expenses 

Both GAAP and non-GAAP operating expenses were US$120 million, down 9% year-over-year and 4% quarter-over-quarter.

Operating Profit/(Loss)

Both GAAP and non-GAAP operating losses were US$18 million, compared with operating profit of US$14 million in the third quarter of 2025 and an operating loss of US$18 million in the second quarter of 2026.

Income Tax Expense/(Benefit)

Both GAAP and non-GAAP income tax expenses were US$4 million, compared with income tax expense of US$17 million in the third quarter of 2025 and income tax benefit of US$7 million in the second quarter of 2026. For the second quarter of 2026, income tax benefit included reversal of a tax expense of approximately US$13 million due to a reversal of uncertain tax positions.

Net Income/(Loss)

GAAP net loss attributable to Sohu.com Limited was US$15 million, or a net loss of US$0.60 per fully-diluted American depositary share (“ADS,” each ADS representing one Sohu ordinary share), compared with net income of US$9 million in the third quarter of 2025 and net income of US$0.2 million in the second quarter of 2026.

Non-GAAP net loss attributable to Sohu.com Limited was US$15 million, or a net loss of US$0.59 per fully-diluted ADS, compared with net income of US$9 million in the third quarter of 2025 and net income of US$0.5 million in the second quarter of 2026.

Liquidity and Capital Resources

As of September 30, 2026, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1.2 billion.

Supplementary Information for Changyou Results[3]

Third Quarter 2026 Operating Results

For PC games, total average monthly active user accounts[4] (MAU) were 2.6 million, a decrease of 4% year-over-year and flat quarter-over-quarter. Total quarterly aggregate active paying accounts[5] (APA) were 1.0 million, a decrease of 8% year-over-year and an increase of 4% quarter-over-quarter. The year-over-year decrease in APA was mainly due to the natural decline of Changyou’s older games, including Tian Long Ba Bu (“TLBB”) PC, and to the natural decline of TLBB: Return, which was launched during the third quarter of 2025.

For mobile games, total average MAU were 1.4 million, a decrease of 24% year-over-year and 16% quarter-over-quarter. Total quarterly APA were 0.2 million, a decrease of 25% year-over-year and 4% quarter-over-quarter. The year-over-year and quarter-over-quarter decreases in MAU and APA were mainly due to the natural decline of Changyou’s older games.

Third Quarter 2026 Unaudited Financial Results

Total revenues were US$115 million, a decrease of 30% year-over-year and 2% quarter-over-quarter. Online game revenues were US$114 million, a decrease of 30% year-over-year and 2% quarter-over-quarter. For online game revenues, the year-over-year decrease was mainly due to a natural decline from a high comparison base driven by content updates released for TLBB PC and the launch of TLBB: Return in the third quarter of 2025.

Both GAAP and non-GAAP total cost of revenues were US$14 million, a decrease of 33% year-over-year and an increase of 2% quarter-over-quarter.

Both GAAP and non-GAAP operating expenses were US$42 million, a decrease of 23% year-over-year and 12% quarter-over-quarter. The year-over-year decrease was mainly due to a decrease in salary and benefits expenses, as well as a decrease in marketing and promotional spending for our online games. The quarter-over-quarter decrease was mainly due to a decrease in licensing fees related to product development.

GAAP operating profit was US$58 million, compared with US$87 million for the third quarter of 2025 and US$55 million for the second quarter of 2026.             

Non-GAAP operating profit was US$59 million, compared with US$88 million for the third quarter of 2025 and US$56 million for the second quarter of 2026.

[3] “Changyou Results” consist of the results of Changyou’s online game business and its 17173.com Website.

[4] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.

[5] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.

Recent Development

Under the previously-announced share repurchase program of up to US$150 million of the outstanding ADSs, Sohu had repurchased 10.1 million ADSs for an aggregate cost of approximately US$134 million as of November 5, 2026.

Business Outlook

For the fourth quarter of 2026, Sohu estimates:

Marketing services revenues to be between US$13 million and US$14 million; this implies an annual decrease of 18% to 24%, and a sequential decrease of 6% to 13%.Online game revenues to be between US$111 million and US$121 million; this implies an annual decrease of 8% to an annual increase of 1%, and a sequential decrease of 3% to a sequential increase of 6%.Both non-GAAP and GAAP net loss attributable to Sohu.com Limited to be between US$17 million and US$27 million.

For the fourth quarter 2026 guidance, the Company has adopted a presumed exchange rate of RMB6.73=US$1.00, as compared with the actual exchange rate of approximately RMB7.08=US$1.00 for the fourth quarter of 2025, and RMB6.78=US$1.00 for the third quarter of 2026.

This forecast reflects Sohu’s management’s current and preliminary view, which is subject to substantial uncertainty.

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 operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited and diluted net income/(loss) attributable to Sohu.com Limited per ADS, which are adjusted from results based on GAAP to exclude the impact of share-based compensation expense. 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 from the Company’s non-GAAP financial measures is useful for itself and investors. Further, the impact of share-based compensation expense could not 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 share-based compensation expense does not involve subsequent cash outflow and is not reflected in the cash flows at the equity transaction level, Sohu does not factor in its impact 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.

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 operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited, and diluted net income/(loss) attributable to Sohu.com Limited per ADS excluding share-based compensation expense is that this expense has been and can be expected to continue to recur in Sohu’s business. 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; fluctuations in Sohu’s quarterly operating results; the possibilities that Sohu will be unable to recoup its investment in content and will be unable to develop a series of successful games for mobile platforms or successfully monetize mobile games it develops or acquires; and Sohu’s reliance on marketing services offerings and online games for its revenues. Further information regarding these and other risks is included in Sohu’s annual report on Form 20-F for the year ended December 31, 2025, and other filings with and information furnished to the U.S. 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, November 9, 2026 (8:30 p.m. Beijing/Hong Kong time, November 9, 2026) 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 https://investors.sohu.com/.

About Sohu

Sohu.com Limited (NASDAQ: SOHU) was established by Dr. Charles Zhang, one of China’s internet pioneers, in the 1990s. Sohu operates one of the leading Chinese online media platforms and also engages in the online game business in the Chinese mainland. Sohu has built one of the most comprehensive matrices of Chinese language web properties, consisting of Sohu News App, Sohu Video App, the mobile portal m.sohu.com, the PC portal www.sohu.com, and the online games platform www.changyou.com/en/.

As a mainstream media platform with social features, Sohu is indispensable to the daily life of millions of Chinese, providing to a vast number of users a network of web properties and community based products, which offer a broad array of content, such as news and information, in the form of text, picture, video, and live broadcasting. Sohu also attracts users to actively engage in content generation and distribution, and actively interact with each other on the platform. Sohu’s online game business is conducted by its subsidiary Changyou, which develops and operates a diverse portfolio of PC and mobile games, such as the well-known TLBB PC and Legacy TLBB Mobile.

For investor and media inquiries, please contact:

Sohu.com Limited
Ms. Pu Huang
Tel: +86 (10) 6272-6645
E-mail: ir@contact.sohu.com

Christensen Advisory 
E-mail: sohu@christensencomms.com

 

SOHU.COM LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

Three Months Ended

Sep. 30, 2026

Jun. 30, 2026

Sep. 30, 2025

Revenues:

    Marketing services

$

14,888

$

15,179

$

13,596

    Online games

113,872

116,171

162,036

    Others

4,483

4,190

4,529

Total revenues

133,243

135,540

180,161

Cost of revenues:

Marketing services

14,914

13,400

12,172

Online games

14,119

13,829

21,177

Others 

2,531

1,727

1,517

Total cost of revenues

31,564

28,956

34,866

Operating expenses:

Product development

63,636

68,894

61,820

Sales and marketing (includes share-based
compensation expense of nil, $nil, and $4,
respectively) 

43,715

43,801

49,699

General and administrative (includes share-based
compensation expense of $207, $296, and $426,
respectively)

12,608

12,188

20,196

Total operating expenses

119,959

124,883

131,715

Operating profit/(loss)

(18,280)

(18,299)

13,580

Other income, net

3,127

7,166

5,145

Interest income

5,486

5,718

7,140

Exchange difference

(585)

(1,224)

(563)

Income/(loss) before income tax expense

(10,252)

(6,639)

25,302

Income tax expense/(benefit)[6]

4,493

(6,874)

16,636

Net income/(loss) from continuing operations

(14,745)

235

8,666

Net income from discontinued operations[7]

–

734

–

Net income/(loss)

(14,745)

969

8,666

Less: Net income from continuing operations
attributable to the noncontrolling interest shareholders

1

–

–

Net income/(loss) from continuing operations attributable
to Sohu.com Limited

(14,746)

235

8,666

Net income from discontinued operations attributable to
Sohu.com Limited

–

734

–

Net income/(loss) attributable to Sohu.com Limited

(14,746)

969

8,666

Basic net income/(loss) from continuing operations per
share/ADS attributable to Sohu.com Limited

$

(0.60)

$

0.01

$

0.32

Basic net income from discontinued operations per
share/ADS attributable to Sohu.com Limited

$

–

$

0.03

$

–

Basic net income/(loss) per share/ADS attributable to
Sohu.com Limited

$

(0.60)

$

0.04

$

0.32

Shares/ADSs used in computing basic net income/(loss)
per share/ADS attributable to Sohu.com Limited[8]

24,765

25,451

27,491

Diluted net income/(loss) from continuing operations
per share/ADS attributable to Sohu.com Limited

$

(0.60)

$

0.01

$

0.32

Diluted net income from discontinued operations
per share/ADS attributable to Sohu.com Limited

$

–

$

0.03

$

–

Diluted net income/(loss) per share/ADS attributable to
Sohu.com Limited

$

(0.60)

$

0.04

$

0.32

Shares/ADSs used in computing diluted net
income/(loss) per share/ADS attributable to Sohu.com
Limited

24,765

25,451

27,491

[6]  For the second quarter of 2026, income tax benefit included reversal of a tax expense of approximately US$13 million due to a reversal of uncertain tax positions.

[7]  See footnote 1.

[8]  Each ADS represents one ordinary share.

 

 

SOHU.COM LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS 

(UNAUDITED, IN THOUSANDS)

As of Sep. 30, 2026

As of Dec. 31, 2025

ASSETS

Current assets:

           Cash and cash equivalents

$

125,499

$

128,308

           Short-term investments

698,463

702,372

           Accounts receivable, net

38,829

43,335

           Prepaid and other current assets 

92,100

93,903

Total current assets

954,891

967,918

Fixed assets, net

248,798

246,263

Goodwill

10,257

10,257

Long-term investments, net

43,836

43,939

Intangible assets, net

2,971

4,692

Long-term time deposits

330,906

350,659

Other assets

11,362

12,325

Total assets

$

1,603,021

$

1,636,053

LIABILITIES 

Current liabilities:

           Accounts payable 

$

35,154

$

36,215

           Accrued liabilities

104,966

95,430

           Receipts in advance and deferred revenue

56,374

54,878

           Accrued salary and benefits

36,976

55,018

           Taxes payables

12,320

15,571

           Other short-term liabilities

74,993

76,601

Total current liabilities

$

320,783

$

333,713

Long-term other payables

3,609

2,896

Long-term tax liabilities

8,212

21,051

Other long-term liabilities

222

322

Total long-term liabilities

$

12,043

$

24,269

                         Total liabilities

$

332,826

$

357,982

SHAREHOLDERS’ EQUITY:

          Sohu.com Limited shareholders’ equity

1,269,850

1,277,727

          Noncontrolling interest

345

344

                     Total shareholders’ equity

$

1,270,195

$

1,278,071

Total liabilities and shareholders’ equity  

$

1,603,021

$

1,636,053

 

 

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 Sep. 30, 2026

Three Months Ended Jun. 30, 2026

Three Months Ended Sep. 30, 2025

GAAP

Non-GAAP
Adjustment

Non-GAAP

GAAP

Non-GAAP
Adjustment

Non-GAAP

GAAP

Non-GAAP
Adjustment

Non-GAAP

Operating expenses

$

119,959

$

(207)

(a)  $

119,752

$

124,883

$

(296)

(a)  $

124,587

$

131,715

$

(430)

(a) $

131,285

Operating profit/(loss)

$

(18,280)

$

207

(a)  $

(18,073)

$

(18,299)

$

296

(a)  $

(18,003)

$

13,580

$

430

(a)  $

14,010

Income tax expense/(benefit)[9]

$

4,493

$

–

$

4,493

$

(6,874)

$

–

$

(6,874)

$

16,636

$

–

$

16,636

Net income/(loss) before non-
controlling interest

$

(14,745)

$

207

(a)  $

(14,538)

$

235

$

296

(a)  $

531

$

8,666

$

430

(a)  $

9,096

Net income/(loss) from continuing
operations attributable to Sohu.com
Limited for diluted net income/(loss)
per share/ADS

$

(14,746)

$

207

(a)  $

(14,539)

$

235

$

296

(a)  $

531

$

8,666

$

430

(a)  $

9,096

Net income from discontinued
operations attributable to Sohu.com
Limited for diluted net income
per share/ADS[10]

$

–

$

–

$

–

$

734

$

–

$

734

$

–

$

–

$

–

Net income/(loss) attributable to
Sohu.com Limited for diluted net
income/(loss) per share/ADS

$

(14,746)

$

207

(a)  $

(14,539)

$

969

$

296

(a)  $

1,265

$

8,666

$

430

(a)  $

9,096

Diluted net income/(loss) from
continuing operations per share/ADS
attributable to Sohu.com Limited 

$

(0.60)

$

(0.59)

$

0.01

$

0.02

$

0.32

$

0.33

Diluted net income from discontinued
operations per share/ADS attributable
to Sohu.com Limited

$

–

$

–

$

0.03

$

0.03

$

–

$

–

Diluted net income/(loss) per
share/ADS attributable to Sohu.com
Limited

$

(0.60)

$

(0.59)

$

0.04

$

0.05

$

0.32

$

0.33

Shares/ADSs used in computing
diluted net income/(loss) per
share/ADS attributable to Sohu.com
Limited

24,765

24,765

25,451

25,451

27,491

27,491

Note:

(a) Share-based compensation expense

[9]  See footnote 6.

[10]  See footnote 1.

 

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SOURCE Sohu.com Limited

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GreenCore Solutions Rebrands as WeFetch.ai for the AI Shopping Market: gtinfetch.ai lead product

Published

29 minutes ago

on

November 9, 2026

By

AI sector in 2026: 3 billion AI users, half of consumers AI shopping, 8 in 10 buyers in leading sectors on AI agents, $2.7 trillion in AI spending

VANCOUVER, BC, Nov. 9, 2026 /PRNewswire/ — GreenCore Solutions Corp. (GSC) today announced it is rebranding as WeFetch.ai, a maker of artificial intelligence (AI) software for AI shopping, with 84 million barcodes across 70 countries live for AI agent shopping by consumers, retailers and brands.

The 2025 to 2026 review:

Business. 2025: 1 in 10 large companies had AI agents at work (KPMG).Today: 8 in 10 buyers in leading sectors are on AI agents (G2).People. 2025: ChatGPT had 300 million weekly users (OpenAI).Today: AI exploded to 3 billion people using it monthly, 1 in 3 people on earth (DataReportal).Retail. 2025: zero. No major retailer had opened its store to AI agents.Today: Walmart and others run Model Context Protocol (MCP) gateways for AI agents shopping.Compute. 2012: businesses are paying for cloud compute.Today: a dollar of agentic compute buys 30,000 times more power. Shopping. 2025: zero. No one was shopping inside an AI.Today: half of consumers shop with AI (53%, McKinsey).Manufacturers. 2025: 1-to-2 in 10.Today: at 2 in 10.

What we saw

The turn came in November 2025, when Anthropic released Claude Opus 4.5. GSC’s management team recognized a confluence of events:

massive new compute available to business without the traditional costs;new AI agents doing software tasks on their own;a market to serve consumers, retail and brands with GSC’s core consumer goods expertise.

AI commerce has arrived, and it relies on gtinfetch.ai or similar AI software products to execute reliable transactions over x402, the new financial system’s payment protocol.

What we designed

One record for every product an AI agent might buy, keyed on the barcode, the Global Trade Item Number (GTIN). It answers only when the sources agree, and says “unknown” rather than guess. Around that record, a door for each party in AI shopping:

Brands: to see whether their products are in the AI’s answer.Shoppers: to check the AI picked the right product.AI agents: to turn a shopper’s words into the right barcode.Technology teams: to build on the record directly.

It offers a promotional and paid per answer model over x402.

What we built

WeFetch.ai, the barcode fetch system for AI agents. It answers for 84 million products in 70 countries, with 3.5 million points of sale on its own record, and includes:

triggerfetch for brands;shopfetch for shoppers;matchfetch for AI agents;gtinfetch, the record itself.

It is AI native, and works with ChatGPT, Claude, Gemini, Grok, Mistral, Perplexity and Muse. Every answer is signed.

“I am pleased to announce to shareholders that we moved early into the AI agent market,” said Matthew Keddy, Chief Executive Officer. “In the 11 months of 2026, AI reached 3 billion users, and 8 in 10 buyers in leading sectors went to AI agents. Those companies broke from the trendline. The 2 in 10 manufacturers still starting out are 4 times behind, 2 to 5 years back, and facing a specialist gap. In this market, behind stays behind: customers have moved to trading through AI agents, and the laggards lose value and velocity.”

“We read the same signals everyone else had, and we acted. We treated the arrival of AI agents as a fiduciary matter for our shareholders; doing nothing would have been the mistake. We called it with the 8 in 10. The 2 in 10 stood still and watched. Today, we lead. With WeFetch, millions of AI agents can work with our barcode (GTIN) algorithm in real time, every transaction checked twice and recorded in our Record of Cleared Orders (RCO). Structural change this deep rarely happens in under 12 months. We saw it coming, we built for it, and we got it right.”

WeFetch.ai operations, Q4 2026

37 AI agents run the company’s operations.Live on Microsoft Azure across 18 regions, agentic dataset improved nightly.Backed up on Amazon Web Services (AWS) in Paris, France.A standby on AWS switches on in a minute if a data center goes down.Every order cleared leaves a signed receipt, its Record of Cleared Orders (RCO).

The market: Gartner forecasts $2.7 trillion in AI spending in 2026. McKinsey projects that AI agents will orchestrate $3 trillion to $5 trillion in global commerce by 2030, up to $1 trillion of it in US retail. Every one of those AI agent purchases needs the right barcode.

About WeFetch.ai

WeFetch.ai is AI software for AI shopping, with products for shopping, retail and brands. Powered by gtinfetch.ai, WeFetch.ai is headquartered in Vancouver, Canada.

Contact: Matthew Keddy, Chief Executive Officer, mk@gsc-em.com, +1 647 237 7744

View original content:https://www.prnewswire.com/apac/news-releases/greencore-solutions-rebrands-as-wefetchai-for-the-ai-shopping-market-gtinfetchai-lead-product-302932971.html

SOURCE Greencore Solutions Corp.

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