Technology

SOHU.COM REPORTS SECOND QUARTER 2024 UNAUDITED FINANCIAL RESULTS

Published

2 years ago

August 5, 2024

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 Quarter Highlights

Total revenues were US$172 million, up 13% year-over-year and 24% quarter-over-quarter.Brand advertising revenues were US$20 million, down 17% year-over-year and up 24% quarter-over-quarter.Online game revenues were US$147 million, up 24% year-over-year and 25% quarter-over-quarter.GAAP net loss attributable to Sohu.com Limited was US$38 million, compared with a net loss of US$21 million in the second quarter of 2023 and a net loss of US$25 million in the first quarter of 2024.Non-GAAP[1] net loss attributable to Sohu.com Limited was US$34 million, compared with a net loss of US$18 million in the second quarter of 2023 and a net loss of US$22 million in the first quarter of 2024.

Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, “In the second quarter of 2024, we hit the high end of our prior guidance in brand advertising revenues while our online game revenues came in well above expectations. Our bottom-line performance was in line with our prior guidance. For Sohu Media and Sohu Video, leveraged by our increasingly integrated and sophisticated product matrix, we further promoted the generation and consumption of premium content, and vigorously boosted social interactions among users. Benefiting from our differentiated events and marketing campaigns, we were able to continually strengthen our brand influence and explore a diverse range of monetization opportunities. Online games performed well, with revenues exceeding our expectations.”

[1] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; and interest expense recognized in connection with the one-time transition tax (the “Toll Charge”) imposed by the U.S. Tax Cuts and Jobs Act signed into law on December 22, 2017 (the “U.S. TCJA”). 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.”

Second Quarter Financial Results

Revenues

Total revenues were US$172 million, up 13% year-over-year and 24% quarter-over-quarter.

Brand advertising revenues were US$20 million, down 17% year-over-year and up 24% quarter-over-quarter.

Online game revenues were US$147 million, up 24% year-over-year and 25% quarter-over-quarter.

Gross Margin

Both GAAP and non-GAAP gross margin were 67%, compared with 76% in the second quarter of 2023 and 77% in the first quarter of 2024.

Both GAAP and non-GAAP gross margin for the brand advertising business were 20%, compared with 30% in the second quarter of 2023 and 1% in the first quarter of 2024.

Both GAAP and non-GAAP gross margin for online games were 76%, compared with 87% in the second quarter of 2023 and 88% in the first quarter of 2024. The decreases were mainly due to a higher percentage revenue contribution from mobile games, which require higher revenue-sharing payments.

Operating Expenses

GAAP operating expenses were US$160 million, up 16% year-over-year and 20% quarter-over-quarter. Non-GAAP operating expenses were US$161 million, up 17% year-over-year and 20% quarter-over-quarter. The increases were mainly due to an increase in Changyou’s marketing and promotional spending for its online games.

Operating Loss

GAAP operating loss was US$44 million, compared with an operating loss of US$23 million in the second quarter of 2023 and an operating loss of US$27 million in the first quarter of 2024.

Non-GAAP operating loss was US$45 million, compared with an operating loss of US$23 million in the second quarter of 2023 and an operating loss of US$27 million in the first quarter of 2024.

Income Tax Expense

GAAP income tax expense was US$9 million, compared with income tax expense of US$18 million in the second quarter of 2023 and income tax expense of US$14 million in the first quarter of 2024. Non-GAAP income tax expense was US$5 million, compared with income tax expense of US$15 million in the second quarter of 2023 and income tax expense of US$10 million in the first quarter of 2024.

Net Loss

GAAP net loss attributable to Sohu.com Limited was US$38 million, or a net loss of US$1.16 per fully-diluted American depositary share (“ADS,” each ADS representing one Sohu ordinary share), compared with a net loss of US$21 million in the second quarter of 2023 and a net loss of US$25 million in the first quarter of 2024.

Non-GAAP net loss attributable to Sohu.com Limited was US$34 million, or a net loss of US$1.05 per fully-diluted ADS, compared with a net loss of US$18 million in the second quarter of 2023 and a net loss of US$22 million in the first quarter of 2024.

Liquidity and Capital Resources

As of June 30, 2024, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1.3 billion.

Supplementary Information for Changyou Results[2]

Second Quarter 2024 Operating Results

For PC games, total average monthly active user accounts[3] (MAU) were 2.2 million, an increase of 2% year-over-year and a decrease of 2% quarter-over-quarter. Total quarterly aggregate active paying accounts[4] (APA) were 0.9 million, a decrease of 3% year-over-year and 8% quarter-over-quarter. The quarter-over-quarter decrease in APA was mainly a result of fewer in-game promotional activities having been launched for TLBB PC during the second quarter.For mobile games, total average MAU were 4.9 million, an increase of 273% year-over-year and 77% quarter-over-quarter. Total quarterly APA were 1.1 million, an increase of 299% year-over-year and 240% quarter-over-quarter. The year-over-year and quarter-over-quarter increases in MAU and APA were mainly from New Westward Journey, which was launched during the second quarter.

Second Quarter 2024 Unaudited Financial Results

Total revenues were US$148 million, an increase of 24% year-over-year and 25% quarter-over-quarter. Online game revenues were US$147 million, an increase of 24% year-over-year and 25% quarter-over-quarter. Online advertising revenues were US$1 million, a decrease of 14% year-over-year and an increase of 1% quarter-over-quarter.

Both GAAP and non-GAAP gross profit were US$112 million, compared with US$103 million for the second quarter of 2023 and US$104 million for the first quarter of 2024.

GAAP operating expenses were US$80 million, an increase of 46% year-over-year and 62% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were mainly due to an increase in marketing and promotional spending for online games.

Non-GAAP operating expenses were US$80 million, an increase of 49% year-over-year and 63% quarter-over-quarter.

Both GAAP and non-GAAP operating profit were US$32 million, compared with US$49 million for the second quarter of 2023 and US$55 million for the first quarter of 2024.

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

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

[4] 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 2,347,332 ADSs for an aggregate cost of approximately US$26 million as of August 1, 2024.

Business Outlook

For the third quarter of 2024, Sohu estimates:

Brand advertising revenues to be between US$17 million and US$19 million; this implies an annual decrease of 14% to 23%, and a sequential decrease of 4% to 14%.Online game revenues to be between US$104 million and US$114 million; this implies an annual decrease of 3% to 11%, and a sequential decrease of 22% to 29%. Non-GAAP net loss attributable to Sohu.com Limited to be between US$30 million and US$40 million; and GAAP net loss attributable to Sohu.com Limited to be between US$34 million and US$44 million.

For the third quarter 2024 guidance, the Company has adopted a presumed exchange rate of RMB7.10=US$1.00, as compared with the actual exchange rate of approximately RMB7.17=US$1.00 for the third quarter of 2023, and RMB7.11=US$1.00 for the second quarter of 2024.

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 gross profit, operating profit, net income, net income attributable to Sohu.com Limited and diluted net income attributable to Sohu.com Limited per ADS, which are adjusted from results based on GAAP to exclude the impact of share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; and interest expense recognized in connection with the Toll Charge imposed by the U.S. TCJA. 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; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; and interest expense recognized in connection with the Toll Charge from its non-GAAP financial measure is useful for itself and investors. Further, the impact of share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; and interest expense recognized in connection with the Toll Charge cannot 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 and changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments do not involve subsequent cash outflow or are reflected in the cash flows at the equity transaction level, Sohu does not factor in their 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, changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments, and interest expense recognized in connection with the Toll Charge.

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 gross profit, operating profit, net income, net income attributable to Sohu.com Limited, and diluted net income attributable to Sohu.com Limited per ADS excluding share-based compensation expense and interest expense recognized in connection with the Toll Charge is that share-based compensation expense and interest expense recognized in connection with the Toll Charge have been and can be expected to continue to be significant recurring expenses in Sohu’s business. It is also possible that changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments will recur in the future. 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 video content and will be unable to develop a series of successful games for mobile platforms or successfully monetize mobile games it develops or acquires; Sohu’s reliance on online advertising sales and online games for its revenues; and the impact of the U.S. TCJA. Further information regarding these and other risks is included in Sohu’s annual report on Form 20-F for the year ended December 31, 2023, 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, August 5, 2024 (7:30 p.m. Beijing/Hong Kong time, August 5, 2024) 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. As a mainstream media platform, Sohu is indispensable to the daily life of millions of Chinese, providing a network of web properties and community based products which continually offer a broad array of choices regarding information, entertainment and communication to the vast number of Sohu users. Sohu has built one of the most comprehensive matrices of Chinese language web properties, consisting of the leading online media destinations Sohu News App, Sohu Video App, the mobile news portal m.sohu.com, the PC portal www.sohu.com, and the online video website tv.sohu.com; and the online games platform www.changyou.com/en/.

Sohu provides online brand advertising services as well as multiple news, information and content services on its matrix of websites and also on its mobile platforms. Sohu’s online game business, conducted by its subsidiary Changyou, develops and operates a diverse portfolio of PC and mobile games, such as the well-known Tian Long Ba Bu (“TLBB”) PC and Legacy TLBB Mobile.

For investor and media inquiries, please contact:

In China:

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

In the United States:

Ms. Bergkamp, Linda
Christensen
Tel: +1 (480) 614-3004
E-mail: linda.bergkamp@christensencomms.com

SOHU.COM LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

Three Months Ended

Jun. 30, 2024

Mar. 31, 2024

Jun. 30, 2023

Revenues:

Brand advertising

19,853

16,070

23,883

Online games

146,997

117,812

118,426

Others

5,483

5,508

9,781

Total revenues

172,333

139,390

152,090

Cost of revenues:

Brand advertising (includes share-based
compensation expense of $1, $0, and $-21,
respectively)

15,904

15,848

16,705

Online games (includes share-based compensation
expense of $0, $0,and $18, respectively)

35,588

14,482

15,839

Others

4,974

2,389

4,477

Total cost of revenues

56,466

32,719

37,021

Gross profit

115,867

106,671

115,069

Operating expenses:

Product development (includes share-based
compensation expense of $10, $3,and $179,
respectively)

65,209

66,209

69,492

Sales and marketing (includes share-based
compensation expense of $10, $4, and $-52,
respectively)

83,936

54,806

57,153

General and administrative (includes share-based
compensation expense of $-421, $77,and $134,
respectively)

11,012

12,534

11,372

Total operating expenses

160,157

133,549

138,017

Operating loss

(44,290)

(26,878)

(22,948)

Other income, net

5,572

4,489

5,131

Interest income

9,561

11,358

11,041

Exchange difference

231

(19)

3,067

Loss before income tax expense

(28,926)

(11,050)

(3,709)

Income tax expense

8,731

13,924

17,747

Net loss

(37,657)

(24,974)

(21,456)

Less: Net loss attributable to the noncontrolling
interest shareholders

–

(261)

Net loss attributable to Sohu.com Limited

(37,657)

(24,974)

(21,195)

Basic net loss per share/ADS attributable to Sohu.com
Limited [5]

(1.16)

(0.76)

(0.62)

Shares/ADSs used in computing basic net loss per
share/ADS attributable to Sohu.com Limited

32,492

33,033

34,091

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

(1.16)

(0.76)

(0.62)

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

32,492

33,033

34,091

[5] Each ADS represents one ordinary share.

SOHU.COM LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED, IN THOUSANDS)

As of Jun. 30, 2024

As of Dec. 31, 2023

ASSETS

Current assets:

Cash and cash equivalents

167,500

362,504

Restricted cash

–

3,184

Short-term investments

799,105

597,770

Accounts receivable, net

75,101

71,618

Prepaid and other current assets

85,202

81,971

Total current assets

1,126,908

1,117,047

Fixed assets, net

261,199

269,058

Goodwill

47,071

47,163

Long-term investments, net

45,326

45,198

Intangible assets, net

8,484

2,226

Long-term time deposits

329,909

388,613

Other assets

12,751

12,793

Total assets

1,831,648

1,882,098

LIABILITIES

Current liabilities:

Accounts payable

74,784

44,609

Accrued liabilities

101,668

103,779

Receipts in advance and deferred revenue

47,319

50,829

Accrued salary and benefits

49,242

50,330

Taxes payables

10,255

11,363

Other short-term liabilities

78,051

81,482

Total current liabilities

361,319

342,392

Long-term other payables

2,808

3,924

Long-term tax liabilities

471,676

474,374

Other long-term liabilities

2,461

2,130

Total long-term liabilities

476,945

480,428

Total liabilities

838,264

822,820

SHAREHOLDERS’ EQUITY:

Sohu.com Limited shareholders’ equity

993,062

1,058,956

Noncontrolling interest

322

Total shareholders’ equity

993,384

1,059,278

Total liabilities and shareholders’ equity

1,831,648

1,882,098

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 Jun. 30, 2024

Three Months Ended Mar. 31, 2024

Three Months Ended Jun. 30, 2023

GAAP

Non-GAAP
Adjustment

Non-GAAP

GAAP

Non-GAAP
Adjustment

Non-GAAP

GAAP

Non-GAAP
Adjustment

Non-GAAP

(a)

–

(a)

(21)

(a)

Brand advertising gross profit

3,949

3,950

222

–

222

7,178

(21)

7,157

Brand advertising gross margin

20 %

1 %

30 %

–

(a)

–

(a)

Online games gross profit

111,409

–

111,409

103,330

–

103,330

102,587

102,605

Online games gross margin

76 %

88 %

87 %

–

(a)

–

(a)

–

(a)

Others gross profit

509

–

509

3,119

–

3,119

5,304

–

5,304

Others gross margin

9 %

57 %

54 %

(a)

–

(a)

(3)

(a)

Gross profit

115,867

115,868

106,671

–

106,671

115,069

(3)

115,066

Gross margin

67 %

77 %

76 %

Operating expenses

160,157

401

(a) $

160,558

133,549

(84)

(a) $

133,465

138,017

(261)

(a) $

137,756

(400)

(a)

258

(a)

Operating loss

(44,290)

(400)

(44,690)

(26,878)

(26,794)

(22,948)

258

(22,690)

Operating margin

-26 %

-19 %

-15 %

Income tax expense

8,731

(3,764)

(c)$

4,967

13,924

(3,691)

(c)$

10,233

17,747

(3,061)

(c)$

14,686

(400)

(a)

258

(a)

131

(b)

(398)

(b)

–

3,764

(c)

3,691

(c)

3,061

(c)

Net loss before non-controlling
interest

(37,657)

3,495

(34,162)

(24,974)

3,377

(21,597)

(21,456)

3,319

(18,137)

(400)

(a)

258

(a)

131

(b)

(398)

(b)

–

3,764

(c)

3,691

(c)

3,061

(c)

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

(37,657)

3,495

(34,162)

(24,974)

3,377

(21,597)

(21,195)

3,319

(17,876)

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

(1.16)

(1.05)

(0.76)

(0.65)

(0.62)

(0.52)

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

32,492

33,033

34,091

Note:

(a) To eliminate the impact of share-based awards.

(b) To adjust for changes in the fair value of the Company’s investments.

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SOURCE Sohu.com Limited

Technology

Meridian Singapore Immigration Launches New Website to Simplify the PR Application Journey for Foreigners in Singapore

Published

4 hours ago

April 30, 2026

New online platform provides clear, structured guidance for Employment Pass and S Pass holders navigating Singapore’s residency and Permanent Residency pathways

SINGAPORE, April 30, 2026 /PRNewswire/ — Meridian Singapore Immigration Pte. Ltd. has officially launched its new website at meridianimmigration.sg, a resource built specifically for foreigners living and working in Singapore who are exploring Permanent Residency or long-term residency options.

The platform arrives at a time when Singapore’s expatriate and foreign professional community is growing rapidly, yet many EP and S Pass holders report struggling to find clear, reliable information on the PR application process. Singapore’s immigration framework is among the most structured in Southeast Asia, with eligibility criteria, documentation requirements, and submission windows that change frequently. For individuals navigating this process without professional guidance, the stakes are high and the margin for error is narrow.

Meridian’s website was built to address that gap directly. The platform offers detailed explanations of available immigration pathways, structured consultation options, and educational resources developed by the firm’s team of immigration specialists. Rather than presenting a services catalogue, the site walks users through the considerations relevant to their specific situation, whether they hold an Employment Pass, S Pass, or are planning for their family’s long-term residency in Singapore.

“We built this platform because we saw how overwhelming and confusing the immigration process can be for people who genuinely want to build their lives here,” said a spokesperson for Meridian Singapore Immigration. “Our goal is to be the trusted partner that walks them through every step with clarity and integrity.”

Singapore’s continued attractiveness as a regional hub for multinational corporations, financial institutions, and technology firms means the pipeline of foreigners seeking long-term residency options remains substantial. At the same time, the ICA’s PR application framework has grown more nuanced, with factors such as economic contributions, family ties, and community integration weighed during assessment. Applicants who proceed without a clear understanding of these criteria often submit applications that are either premature or structurally incomplete.

Meridian’s approach centres on preparation and transparency, helping applicants understand where they stand before they apply and what supporting documentation strengthens their case.

Meridian Singapore Immigration Pte. Ltd. is a professional immigration consultancy dedicated to guiding individuals and families through Singapore’s immigration process. Specialising in Permanent Residency (PR) applications, residency pathways, and compliance support, Meridian offers clear, structured solutions tailored to each client’s unique circumstances. Founded on the values of Guidance, Integrity, and Success, Meridian is committed to making immigration simple, transparent, and accessible for everyone. For more information, visit meridianimmigration.sg or contact info@meridianimmigration.sg / +65 8873 1113.

View original content:https://www.prnewswire.com/apac/news-releases/meridian-singapore-immigration-launches-new-website-to-simplify-the-pr-application-journey-for-foreigners-in-singapore-302757392.html

SOURCE Meridian Singapore Immigration Pte. Ltd.

Technology

Socomec, Daitron team up to meet Japan’s growing power demands

Published

4 hours ago

April 30, 2026

TOKYO, April 30, 2026 /PRNewswire/ — Socomec, a century-old electrical group specialising in mission-critical energy, and Japan’s Daitron, an electronics components distributor, have signed a partnership to deliver power conversion solutions and service backup power and electrical-switching systems across Japan.

The deal combines Socomec’s equipment with Daitron’s on-the-ground engineering team, which has more than 74 years of experience in the Japanese market. The two companies will handle everything from project delivery to ongoing maintenance and spare parts.

The partnership covers three product areas: uninterruptible power supplies (UPS), which keep facilities running during outages; power conversion systems, which ensure the availability and continuity of high-quality energy; and static transfer switches, which automatically reroute power loads between sources without interruption.

Beyond equipment sales, the agreement includes training, spare parts, long-term service contracts and a full range of expert services covering prevention, measurement and analysis, consultancy, deployment and optimisation. Socomec will provide product and technical training to Daitron’s team, while Daitron handles installation, servicing and day-to-day client support in Japan.

The target market spans data centres, semiconductor plants, industrial facilities, hospitals and green buildings, all areas where even brief power interruptions can prove costly. Data center demand in particular is surging, driven by the rapid expansion of artificial intelligence infrastructure, with colocation and enterprise facilities among the primary targets.

“Daitron knows the Japanese market inside and out. They have the people, the relationships, and the hands-on experience, and we bring the technology to match,” said Socomec Asia-Pacific CEO O’Niel Dissanayake. “It’s a natural fit, and together we can offer something neither company could deliver alone.”

“Japan’s data centres, chip factories and industrial plants all require power systems they can count on,” said Masaharu Kato, corporate officer of Daitron. “Socomec’s technology is exactly what these customers need, and our job is to make sure it’s installed, maintained and supported properly. That’s what we do best.”

The partnership comes as Japan faces a step change in power demand. Electricity consumption is expected to grow 5.3% over the next decade, driven by data centres and semiconductor factories, according to the country’s grid operator. Industrial energy demand alone is forecast to rise 18.3% over the same period.

That growth is creating strong demand for reliable power infrastructure. Data centres, for example, run around the clock and cannot afford downtime, making backup power and efficient energy management essential. Socomec’s systems are designed to reduce power consumption without sacrificing reliability, a balance that is becoming increasingly important as operators look to manage both costs and environmental commitments.

Both companies say project planning and bids are already underway, with a long-term goal of expanding the partnership’s reach across Japan as demand grows.

About Daitron

Daitron Co., Ltd. is a Japanese engineering and trading company founded in 1952 and headquartered in Osaka. Listed on the Tokyo Stock Exchange (TYO: 7609), Daitron sells and manufactures electronic components, semiconductor processing equipment and power supply systems. The company has more than seven decades of experience serving Japan’s electronics and manufacturing industries.

SOCOMEC: When energy matters

Founded in 1922, SOCOMEC is an independent industrial group of more than 4,800 experts spread across the world in 30 subsidiaries. Our vocation: design, manufacture and sale of electrical equipment, with a strong expertize in critical power applications. In 2025, SOCOMEC achieved a turnover of 997 million euros (not yet audited).

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Technology

Multi-Destination Travel Surges Across Asia-Pacific This Labour Day, Trip.com Group Data Shows

Published

4 hours ago

April 30, 2026

Multi-city travel across Asia-Pacific grew 35% year-on-yearMulti-city travel outpaces single-destination growth by more than 2xSoutheast Asia sees strong double-digit growth, with Thailand up to 52% YoY

SINGAPORE, April 29, 2026 /CNW/ — Multi-city travel across Asia-Pacific grew 35% year-on-year this Labour Day period, according to data from Trip.com Group. Several Asia-Pacific markets including Japan, South Korea, parts of Southeast Asia and Mainland China celebrate Labour Day, driving strong cross-border and domestic travel flows across the region.

Over 30% of international trips now span multiple destinations, highlighting a continued shift towards more complex, itinerary-led travel. This shift reflects a growing preference to maximise time and value with multiple destinations within a single trip rather than a single location.

Multi-destination trips become a defining travel pattern

While single-destination travel continues to account for most bookings, growth is increasingly driven by more complex itineraries. Multi-destination bookings are growing at more than twice the pace of single-destination travel, reflecting stronger demand for flexibility and deeper exploration.

Travellers are increasingly structuring trips across multiple cities to maximise both time and value, with popular combinations including:

Tokyo – Osaka – Kyoto (Japan)Seoul – Busan (South Korea)Bangkok – Phuket (Thailand)

These itineraries reflect a growing preference for multi-stop journeys that blend urban experiences with leisure destinations.

Southeast Asia sees fast growth in multi-destination travel

Across Southeast Asia, demand for multi-destination travel is rising steadily, with strong growth across key markets of Thailand: 52%, Malaysia: 40%, and Singapore: 17%, according to Trip.com Group data.

Top outbound destinations across Southeast Asian markets include Japan (Tokyo, Osaka), South Korea (Seoul), China (Shanghai, Beijing), Thailand (Bangkok), Indonesia (Bali).

In other parts of Asia such as Hong Kong SAR, multi-destination travel also grew by over 50% year-on-year, highlighting growing preference for more complex itineraries over traditional single-destination trips, particularly in well-connected urban markets.

In Mainland China, domestic travel remains a strong base, while overseas journeys are increasingly shaped by multi-destination itineraries, with over 40% of outbound trips spanning multiple destinations and continuing to grow.

This suggests that travellers in this region are increasingly combining multiple cities within a single trip, supported by strong regional connectivity.

Japan’s domestic travel momentum on the rise

Japan is also seeing shifts in domestic travel behaviour, even as outbound demand continues to grow.

In Japan, domestic travel is growing rapidly, indicating rising interest in travelling within the country, accounting for one-quarter of all flight bookings, and to cities such as Tokyo, Sapporo and Okinawa.

Intra-Asia travel dominates Labour Day demand

The Labour Day holiday period continues to be driven by regional travel within Asia-Pacific, with travellers favouring destinations that offer ease of access, diverse experiences, and flexible itineraries.

The Group’s data highlights the continued strength of short-haul travel, supported by strong connectivity and shorter flight durations.

More broadly, the way people travel across Asia-Pacific is evolving. Travellers taking a more deliberate approach to how they plan their trips. While cross-border journeys are increasingly shaped by multi-city itineraries, domestic travel remains a strong and steady part of the landscape. Together, these patterns point to a more flexible and value-conscious mindset, as travellers look to make the most of both time and budget.

About Trip.com Group

Trip.com Group is a leading global travel service provider comprising of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group helps travellers around the world make informed and cost-effective bookings for travel products and services and enables partners to connect their offerings with users through the aggregation of comprehensive travel-related content and resources, and an advanced transaction platform consisting of apps, websites and 24/7 customer service centres. Founded in 1999 and listed on NASDAQ in 2003 and HKEX in 2021, Trip.com Group has become one of the best-known travel groups in the world, with the mission “to pursue the perfect trip for a better world”. Find out more about Trip.com Group here: group.trip.com.