Technology
SOHU.COM REPORTS FOURTH QUARTER AND FISCAL YEAR 2024 UNAUDITED FINANCIAL RESULTS
Published
1 year agoon
By
BEIJING, Feb. 18, 2025 /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 fourth quarter and fiscal year ended December 31, 2024.
Fourth Quarter Highlights
Total revenues were US$135 million, down 5% year-over-year and 11% quarter-over-quarter.Brand advertising revenues were US$19 million, down 7% year-over-year and up 1% quarter-over-quarter.Online game revenues were US$110 million, down 4% year-over-year and 14% quarter-over-quarter.GAAP net loss attributable to Sohu.com Limited was US$21 million, compared with a net loss of US$13 million in the fourth quarter of 2023 and a net loss of US$16 million in the third quarter of 2024.Non-GAAP[1] net loss attributable to Sohu.com Limited was US$15 million, compared with a net loss of US$11 million in the fourth quarter of 2023 and a net loss of US$12 million in the third quarter of 2024.
Fiscal Year 2024 Highlights[2]
Total revenues were US$598 million, flat compared with 2023. Brand advertising revenues were US$73 million, down 17% compared with 2023. Online game revenues were US$502 million, up 5% compared with 2023.GAAP net loss attributable to Sohu.com Limited was US$100 million, compared with a net loss of US$66 million in 2023.Non-GAAP net loss attributable to Sohu.com Limited was US$83 million, compared with a net loss of US$51 million in 2023.
Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, “In the fourth quarter of 2024, our brand advertising revenues hit the high end of our previous guidance, while both our online game revenues and bottom line performance were much better than expected. For Sohu media platform, we continued to refine our products, optimized algorithms, and strictly controlled budgets. By integrating the advantages of the Sohu product matrix with our unique IPs and high energy events, we were able to promote the generation and social distribution of premium content, effectively enhance user experience to attract more users, and further unlock monetization potential. The online games business delivered solid performance, thanks to relentless efforts to produce high-quality new games and revitalize legacy games.”
Fourth Quarter Financial Results
Revenues
Total revenues were US$135 million, down 5% year-over-year and 11% quarter-over-quarter.
Brand advertising revenues were US$19 million, down 7% year-over-year and up 1% quarter-over-quarter.
Online game revenues were US$110 million, down 4% year-over-year and 14% quarter-over-quarter.
Gross Margin
Both GAAP and non-GAAP gross margin were 73%, compared with 76% in the fourth quarter of 2023 and 74% in the third quarter of 2024.
Both GAAP and non-GAAP gross margin for the brand advertising business were 6%, compared with 16% in the fourth quarter of 2023 and 9% in the third quarter of 2024.
Both GAAP and non-GAAP gross margin for online games were 83%, compared with 87% in the fourth quarter of 2023 and 84% in the third quarter of 2024.
Operating Expenses
Both GAAP and non-GAAP operating expenses were US$123 million, down 8% year-over-year and 2% quarter-over-quarter. The year-over-year decrease was mainly due to a decrease in Changyou’s product development expenses.
Operating Loss
GAAP operating loss was US$25 million, compared with an operating loss of US$25 million in the fourth quarter of 2023 and an operating loss of US$13 million in the third quarter of 2024.
Non-GAAP operating loss was US$25 million, compared with an operating loss of US$26 million in the fourth quarter of 2023 and an operating loss of US$13 million in the third quarter of 2024.
Income Tax Expense
GAAP income tax expense was US$14 million, compared with income tax expense of US$14 million in the fourth quarter of 2023 and income tax expense of US$15 million in the third quarter of 2024.
Non-GAAP income tax expense was US$10 million, compared with income tax expense of US$10 million in the fourth quarter of 2023 and income tax expense of US$11 million in the third quarter of 2024.
Net Loss
GAAP net loss attributable to Sohu.com Limited was US$21 million, or a net loss of US$0.69 per fully-diluted American depositary share (“ADS,” each ADS representing one Sohu ordinary share), compared with a net loss of US$13 million in the fourth quarter of 2023 and a net loss of US$16 million in the third quarter of 2024.
Non-GAAP net loss attributable to Sohu.com Limited was US$15 million, or a net loss of US$0.49 per fully-diluted ADS, compared with a net loss of US$11 million in the fourth quarter of 2023 and a net loss of US$12 million in the third quarter of 2024.
Liquidity and Capital Resources
As of December 31, 2024, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1.2 billion.
Fiscal Year 2024 Financial Results
Revenues
Total revenues were US$598 million, flat compared with 2023.
Brand advertising revenues were US$73 million, down 17% compared with 2023.
Online game revenues were US$502 million, up 5% compared with 2023.
Gross Margin
Both GAAP and non-GAAP gross margin were 72%, compared with 76% in 2023.
Both GAAP and non-GAAP gross margin for the brand advertising business were 9%, compared with 20% in 2023.
Both GAAP and non-GAAP gross margin for online games were 82%, compared with 86% in 2023.
Operating Expenses
For 2024, both GAAP and non-GAAP operating expenses totaled US$542 million, flat compared with 2023.
Operating Loss
Both GAAP and non-GAAP operating loss were US$109 million, compared with an operating loss of US$87 million in 2023.
Income Tax Expense
GAAP income tax expense was US$52 million, compared with income tax expense of US$60 million in 2023.
Non-GAAP income tax expense was US$37 million, compared with income tax expense of US$48 million in 2023.
Net Loss
GAAP net loss attributable to Sohu.com Limited was US$100 million, or a net loss of US$3.13 per fully-diluted ADS, compared with a net loss of US$66 million in 2023.
Non-GAAP net loss attributable to Sohu.com Limited was US$83 million, or a net loss of US$2.60 per fully-diluted ADS, compared with a net loss of US$51 million in 2023.
Supplementary Information for Changyou Results[3]
Fourth Quarter 2024 Operating Results
For PC games, total average monthly active user accounts[4] (MAU) were 2.3 million, an increase of 2% year-over-year and 9% quarter-over-quarter. Total quarterly aggregate active paying accounts[5] (APA) were 1.0 million, an increase of 9% year-over-year and 14% quarter-over-quarter. The quarter-over-quarter increase in MAU, and the year-over-year and quarter-over-quarter increases in APA were mainly because the content updates that Changyou launched for TLBB PC during the quarter were well received by players.For mobile games, total average MAU were 2.6 million, an increase of 53% year-over-year and a decrease of 20% quarter-over-quarter. Total quarterly APA were 0.4 million, an increase of 25% year-over-year and a decrease of 61% quarter-over-quarter. The year-over-year increases in MAU and APA were mainly from new games launched during recent quarters, including Journey Renewed: Fate Fantasy, which is the international version of New Westward Journey and was launched in Southeast Asia during the fourth quarter of 2024. The quarter-over-quarter decreases in MAU and APA were mainly due to the natural decline of New Westward Journey in the Chinese mainland market.
Fourth Quarter 2024 Unaudited Financial Results
Total revenues were US$111 million, a decrease of 5% year-over-year and 14% quarter-over-quarter. Online game revenues were US$110 million, a decrease of 4% year-over-year and 14% quarter-over-quarter. Online advertising revenues were US$1 million, a decrease of 29% year-over-year and 8% quarter-over-quarter.
Both GAAP and non-GAAP gross profit were US$92 million, compared with US$100 million for the fourth quarter of 2023 and US$108 million for the third quarter of 2024.
GAAP operating expenses were US$45 million, a decrease of 15% year-over-year and 2% quarter-over-quarter. The year-over-year decrease was mainly due to a decrease in outsourcing and licensing fees related to product development.
Non-GAAP operating expenses were US$44 million, a decrease of 17% year-over-year and 2% quarter-over-quarter.
GAAP operating profit was US$48 million, compared with US$48 million for the fourth quarter of 2023 and US$62 million for the third quarter of 2024.
Non-GAAP operating profit was US$48 million, compared with US$47 million for the fourth quarter of 2023 and US$62 million for the third quarter of 2024.
Fiscal Year 2024 Unaudited Financial Results
Total revenues were US$506 million, an increase of 4% year-over-year. Online game revenues were US$502 million, an increase of 5% year-over-year. Online advertising revenues were US$4 million, a decrease of 25% year-over-year.
Both GAAP and non-GAAP gross profit were US$415 million, compared with US$418 million for 2023.
GAAP operating expenses were US$219 million, an increase of 1% year-over-year.
Non-GAAP operating expenses were US$219 million, an increase of 2% year-over-year.
GAAP operating profit was US$196 million, compared with US$202 million for 2023.
Non-GAAP operating profit was US$196 million, compared with US$203 million for 2023.
Recent Development
Under the previously-announced share repurchase program of up to US$150 million of the outstanding ADSs, Sohu had repurchased 4,180,158 ADSs for an aggregate cost of approximately US$52 million as of February 13, 2025.
Business Outlook
For the first quarter of 2025, Sohu estimates:
Brand advertising revenues to be between US$13 million and US$14 million; this implies an annual decrease of 13% to 19%, and a sequential decrease of 26% to 31%.Online game revenues to be between US$105 million and US$115 million; this implies an annual decrease of 2% to 11%, and a sequential decrease of 4% to a sequential increase of 5%. Non-GAAP net loss attributable to Sohu.com Limited to be between US$16 million and US$26 million; and GAAP net loss attributable to Sohu.com Limited to be between US$20 million and US$30 million.
For the first quarter 2025 guidance, the Company has adopted a presumed exchange rate of RMB7.18=US$1.00, as compared with the actual exchange rate of approximately RMB7.10=US$1.00 for the first quarter of 2024, and RMB7.15=US$1.00 for the fourth 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/(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; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; the impact of income tax related to changes in the fair value of 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; the impact of income tax related to changes in the fair value of 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; the impact of income tax related to changes in the fair value of 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, changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments, and the impact of income tax related to changes in the fair value of 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, the impact of income tax related to changes in the fair value of 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/(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 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, and the impact of income tax related to changes in the fair value of 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 4:30 a.m. U.S. Eastern Time, February 18, 2025 (5:30 p.m. Beijing/Hong Kong time, February 18, 2025) 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, information, text, picture, video and live broadcasting. Sohu also attracts users to be highly engaged 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 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
[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; the impact of income tax related to changes in the fair value of 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.”
[2] The bankruptcy proceedings of Changyou’s wholly-owned subsidiary Shanghai Jingmao Culture Communication Co., Ltd. (“Shanghai Jingmao”), which operated Changyou’s cinema advertising business, were concluded by a Chinese mainland bankruptcy court in the third quarter of 2023. The Company recognized a US$35 million disposal gain within discontinued operations in the condensed consolidated statements of operations for the third quarter of 2023. Unless indicated otherwise, results presented in this press release are related to continuing operations only, and exclude the disposal gain related to Shanghai Jingmao.
[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.
SOHU.COM LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended
Twelve Months Ended
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Revenues:
Brand advertising
$
18,865
$
18,677
$
20,195
$
73,465
$
88,689
Online games
109,859
127,721
114,759
502,389
479,697
Others
5,960
5,594
6,405
22,545
32,286
Total revenues
134,684
151,992
141,359
598,399
600,672
Cost of revenues:
Brand advertising (includes share-based compensation
expense of nil, nil, nil, $1, and $7, respectively)
17,787
17,040
16,966
66,579
71,103
Online games (includes share-based compensation
expense of nil, nil, $-44, nil, and $10, respectively)
18,133
20,292
15,123
88,495
65,029
Others
1,113
2,283
1,733
10,759
9,625
Total cost of revenues
37,033
39,615
33,822
165,833
145,757
Gross profit
97,651
112,377
107,537
432,566
454,915
Operating expenses:
Product development (includes share-based
compensation expense of nil, $6, $-572, $19, and $156,
respectively)
61,584
62,231
69,553
255,233
279,842
Sales and marketing (includes share-based
compensation expense of $-1, $9, $4, $22, and $26,
respectively)
48,588
48,494
50,813
235,824
213,449
General and administrative (includes share-based
compensation expense of $243, $29, $-393, $-72, and
$509, respectively)
12,672
14,692
12,450
50,910
48,934
Total operating expenses
122,844
125,417
132,816
541,967
542,225
Operating loss
(25,193)
(13,040)
(25,279)
(109,401)
(87,310)
Other income, net
8,448
3,635
15,949
22,144
35,746
Interest income
8,632
9,074
11,578
38,625
45,222
Exchange difference
1,240
(988)
(823)
464
692
Income/(loss) before income tax expense
(6,873)
(1,319)
1,425
(48,168)
(5,650)
Income tax expense
14,387
15,028
14,044
52,070
60,420
Net loss from continuing operations
(21,260)
(16,347)
(12,619)
(100,238)
(66,070)
Net income from discontinued operations, net of tax [6]
–
–
–
–
35,426
Net loss
(21,260)
(16,347)
(12,619)
(100,238)
(30,644)
Less: Net income/(loss) from continuing operations
attributable to the noncontrolling interest shareholders
31
–
(1)
31
(265)
Net loss from continuing operations attributable to
Sohu.com Limited
(21,291)
(16,347)
(12,618)
(100,269)
(65,805)
Net income from discontinued operations attributable to
Sohu.com Limited
–
–
–
–
35,426
Net loss attributable to Sohu.com Limited
(21,291)
(16,347)
(12,618)
(100,269)
(30,379)
Basic net loss from continuing operations per share/ADS
attributable to Sohu.com Limited [7]
$
(0.69)
$
(0.52)
$
(0.37)
(3.13)
$
(1.93)
Basic net income from discontinued operations per
share/ADS attributable to Sohu.com Limited
$
–
$
–
$
–
–
$
1.04
Basic net loss per share/ADS attributable to Sohu.com
Limited
$
(0.69)
$
(0.52)
$
(0.37)
(3.13)
$
(0.89)
Shares/ADSs used in computing basic net income/(loss)
per share/ADS attributable to Sohu.com Limited
30,799
31,729
34,061
32,009
34,109
Diluted net loss from continuing operations per share/ADS
attributable to Sohu.com Limited
$
(0.69)
$
(0.52)
$
(0.37)
(3.13)
$
(1.93)
Diluted net income from discontinued operations per
share/ADS attributable to Sohu.com Limited
$
–
$
–
$
–
–
$
1.04
Diluted net loss per share/ADS attributable to Sohu.com
Limited
$
(0.69)
$
(0.52)
$
(0.37)
(3.13)
$
(0.89)
Shares/ADSs used in computing diluted net income/(loss)
per share/ADS attributable to Sohu.com Limited
30,799
31,729
34,061
32,009
34,109
[6] See Footnote 2.
[7] Each ADS represents one ordinary share.
SOHU.COM LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED, IN THOUSANDS)
As of Dec. 31, 2024
As of Dec. 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
159,927
$
362,504
Restricted cash
–
3,184
Short-term investments
744,498
597,770
Accounts receivable, net
53,762
71,618
Prepaid and other current assets
83,575
81,971
Total current assets
1,041,762
1,117,047
Fixed assets, net
252,860
269,058
Goodwill
46,944
47,163
Long-term investments, net
43,120
45,198
Intangible assets, net
7,695
2,226
Long-term time deposits
331,290
388,613
Other assets
10,995
12,793
Total assets
$
1,734,666
$
1,882,098
LIABILITIES
Current liabilities:
Accounts payable
$
36,043
$
44,609
Accrued liabilities
97,138
103,779
Receipts in advance and deferred revenue
51,007
50,829
Accrued salary and benefits
47,232
50,330
Taxes payables
14,225
11,363
Other short-term liabilities
76,322
81,482
Total current liabilities
$
321,967
$
342,392
Long-term other payables
2,807
3,924
Long-term tax liabilities
485,545
474,374
Other long-term liabilities
1,659
2,130
Total long-term liabilities
$
490,011
$
480,428
Total liabilities
$
811,978
$
822,820
SHAREHOLDERS’ EQUITY:
Sohu.com Limited shareholders’ equity
922,335
1,058,956
Noncontrolling interest
353
322
Total shareholders’ equity
$
922,688
$
1,059,278
Total liabilities and shareholders’ equity
$
1,734,666
$
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 Dec. 31, 2024
Three Months Ended Sep. 30, 2024
Three Months Ended Dec. 31, 2023
GAAP
Non-GAAP
Adjustment
Non-GAAP
GAAP
Non-GAAP
Adjustment
Non-GAAP
GAAP
Non-GAAP
Adjustment
Non-GAAP
–
(a)
–
(a)
–
(a)
Brand advertising gross profit
$
1,078
$
–
$
1,078
$
1,637
$
–
$
1,637
$
3,229
$
–
$
3,229
Brand advertising gross margin
6 %
6 %
9 %
9 %
16 %
16 %
–
(a)
–
(a)
(44)
(a)
Online games gross profit
$
91,726
$
–
$
91,726
$
107,429
$
–
$
107,429
$
99,636
$
(44)
$
99,592
Online games gross margin
83 %
83 %
84 %
84 %
87 %
87 %
–
(a)
–
(a)
–
(a)
Others gross profit
$
4,847
$
–
$
4,847
$
3,311
$
–
$
3,311
$
4,672
$
–
$
4,672
Others gross margin
81 %
81 %
59 %
59 %
73 %
73 %
–
(a)
–
(a)
(44)
(a)
Gross profit
$
97,651
$
–
$
97,651
$
112,377
$
–
$
112,377
$
107,537
$
(44)
$
107,493
Gross margin
73 %
73 %
74 %
74 %
76 %
76 %
Operating expenses
$
122,844
$
(242)
(a) $
122,602
$
125,417
$
(44)
(a) $
125,373
$
132,816
$
961
(a) $
133,777
242
(a)
44
(a)
(1,005)
(a)
Operating loss
$
(25,193)
$
242
$
(24,951)
$
(13,040)
$
44
$
(12,996)
$
(25,279)
$
(1,005)
$
(26,284)
Operating margin
-19 %
-19 %
-9 %
-9 %
-18 %
-19 %
Income tax expense
$
14,387
$
(3,961)
(c)$
10,426
$
15,028
$
(3,883)
(c)$
11,145
$
14,044
$
(3,667)
(c)$
10,377
242
(a)
44
(a)
(1,005)
(a)
2,087
(b)
–
(827)
(b)
3,961
(c)
3,883
(c)
3,667
(c)
Net loss before non-controlling
interest
$
(21,260)
$
6,290
$
(14,970)
$
(16,347)
$
3,927
$
(12,420)
$
(12,619)
$
1,835
$
(10,784)
242
(a)
44
(a)
(1,005)
(a)
2,087
(b)
–
(827)
(b)
3,961
(c)
3,883
(c)
3,667
(c)
Net loss attributable to Sohu.com
Limited for diluted net loss per
share/ADS
$
(21,291)
6,290
(15,001)
$
(16,347)
3,927
(12,420)
$
(12,618)
1,835
(10,783)
Diluted net loss per share/ADS
attributable to Sohu.com Limited
$
(0.69)
(0.49)
$
(0.52)
(0.39)
$
(0.37)
(0.32)
Shares/ADSs used in computing
diluted net loss per share/ADS
attributable to Sohu.com Limited
30,799
30,799
31,729
31,729
34,061
34,061
Note:
(a) To eliminate the impact of share-based awards.
(b) To adjust for changes in the fair value of the Company’s investments.
(c) To adjust for the effect of the Toll Charge.
SOHU.COM LIMITED
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATION MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Twelve Months Ended Dec. 31, 2024
Twelve Months Ended Dec. 31, 2023
GAAP
Non-GAAP
Adjustments
Non-GAAP
GAAP
Non-GAAP
Adjustments
Non-GAAP
1
(a)
7
(a)
Brand advertising gross profit
$
6,886
$
1
$
6,887
$
17,586
$
7
$
17,593
Brand advertising gross margin
9 %
9 %
20 %
20 %
–
(a)
10
(a)
Online games gross profit
$
413,894
$
–
$
413,894
$
414,668
$
10
$
414,678
Online games gross margin
82 %
82 %
86 %
86 %
–
(a)
–
(a)
Others gross profit
$
11,786
$
–
$
11,786
$
22,661
$
–
$
22,661
Others gross margin
52 %
52 %
70 %
70 %
1
(a)
17
(a)
Gross profit
$
432,566
$
1
$
432,567
$
454,915
$
17
$
454,932
Gross margin
72 %
72 %
76 %
76 %
Operating expenses
$
541,967
$
31
(a)$
541,998
$
542,225
$
(691)
(a)$
541,534
(30)
(a)
708
(a)
Operating loss
$
(109,401)
$
(30)
$
(109,431)
$
(87,310)
$
708
$
(86,602)
Operating margin
-18 %
-18 %
-15 %
-14 %
Income tax expense
$
52,070
$
(15,299)
(d)$
36,771
$
60,420
$
(12,297)
(c,d)$
48,123
(30)
(a)
708
(a)
1,820
(b)
1,391
(b)
–
(555)
(c)
15,299
(d)
12,852
(d)
Net loss before non-controlling interest
$
(100,238)
17,089
(83,149)
$
(66,070)
$
14,396
$
(51,674)
(30)
(a)
708
(a)
1,820
(b)
1,391
(b)
–
(555)
(c)
15,299
(d)
12,852
(d)
Net loss from continuing operations
attributable to Sohu.com Limited for
diluted net loss per share/ADS
$
(100,269)
$
17,089
$
(83,180)
$
(65,805)
$
14,396
$
(51,409)
Net income from discontinued operations
attributable to Sohu.com Limited for
diluted net income per share/ADS [9]
$
–
–
–
$
35,426
–
35,426
Net loss attributable to Sohu.com Limited
for diluted net loss per share/ADS
$
(100,269)
17,089
(83,180)
$
(30,379)
14,396
(15,983)
Diluted net loss from continuing operations
per share/ADS attributable to Sohu.com
Limited
$
(3.13)
$
(2.60)
$
(1.93)
$
(1.51)
Diluted net income from discontinued
operations per share/ADS attributable to
Sohu.com Limited
$
–
–
$
1.04
1.04
Diluted net loss per share/ADS attributable
to Sohu.com Limited.
$
(3.13)
(2.60)
$
(0.89)
(0.47)
Share/ADS used in computing diluted net
income/(loss) per share/ADS attributable to
Sohu.com Limited
32,009
32,009
34,109
34,109
Note:
(a) To eliminate the impact of share-based awards.
(b) To adjust for changes in the fair value of the Company’s investments.
(c) To adjust for the impact of income tax related to changes in the fair value of the Company’s investments.
(d) To adjust for the effect of the U.S. TCJA.
[9] See Footnote 2.
View original content to download multimedia:https://www.prnewswire.com/news-releases/sohucom-reports-fourth-quarter-and-fiscal-year-2024-unaudited-financial-results-302378600.html
SOURCE Sohu.com Limited
You may like
Technology
Secretary of State Belanger announces expansion of high-speed Internet access in Saskatchewan
Published
52 minutes agoon
July 24, 2026By
Federal investment of over $141 million will help connect more than 30,000 homes to high–speed Internet
HUMBOLDT, SK, July 24, 2026 /CNW/ — Reliable and affordable high-speed Internet is essential for all Canadians. It enables access to important online resources, connects friends and families, and drives economic growth and innovation. This is why the Government of Canada is helping bring high-speed Internet access to underserved communities–including Indigenous communities–in Saskatchewan.
Today, the Honourable Buckley Belanger, Secretary of State for Rural Development, announced over $141 million in federal funding for six projects to bring high-speed Internet access to more than 30,000 households in over 500 rural and remote communities across Saskatchewan.
This funding is provided through the Universal Broadband Fund, a program designed to ensure that Canadians in rural, remote and Indigenous communities have access to reliable high-speed Internet.
The Government of Canada has committed to ensuring that every household in Canada has access to high-speed Internet by 2030, and it is on track to meet this connectivity target. These projects will build toward that goal, and the government will continue to invest in infrastructure that creates new opportunities and makes sure communities can benefit from all of Canada’s potential.
Quotes
“High-speed Internet is no longer just a luxury–it’s essential infrastructure, no matter where you live in Canada. It’s how people access health care virtually, start a business or just stay in touch with their loved ones. That’s why we made a historic commitment to provide 100% of Canadian households with access to high-speed Internet by 2030. The projects announced today are a major milestone for connectivity in Saskatchewan, providing reliable and affordable high-speed Internet to more than 30,000 underserved homes in over 500 rural and remote communities across the province.”
– The Honourable Buckley Belanger, Secretary of State for Rural Development
“In many rural and remote areas, connectivity projects like these face a number of financial and structural barriers. Federal tools like the Canada Infrastructure Bank help bridge that gap, ensuring critical infrastructure is built where it otherwise would not be. By supporting initiatives like this, we are advancing economic growth today and helping close the connectivity gap for underserved communities well into the future.”
– The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada
“Access to dependable high-speed Internet should not be determined by where people live. Thanks to support from the Government of Canada through the Universal Broadband Fund, RFNOW is delivering the infrastructure needed to connect underserved rural and First Nations communities across Saskatchewan. Together, we are building a stronger digital future that will enhance economic development, support essential services and improve quality of life for thousands of Canadians.”
– Chris Kennedy, Chief Executive Officer, RFNOW Inc.
“Every community deserves the opportunity that comes with access to reliable high-speed Internet–and that’s exactly what this investment delivers. In partnership with the Government of Canada’s Universal Broadband Fund, Xplore is bringing high-speed Internet connectivity to nearly 20,000 homes and businesses in Saskatchewan. Better connectivity means more than faster downloads–it means students can learn without interruption, families can access health care from home, and local businesses can compete on a level playing field.”
– Brent Johnston, Chief Executive Officer, Xplore Inc.
“Since our establishment in 2007, we have been committed to providing dependable Internet service and strengthening connections in the communities we serve. With support from the Government of Canada’s Universal Broadband Fund, we’re excited to expand our network and introduce new 6 GHz fixed wireless technology capable of delivering speeds of up to 1 Gbps. This project will help more residents of rural and remote communities access the reliable high-speed connectivity they need for work, education, health care, business and everyday life.”
– Allen Stafford, President, Stafford Communications Inc.
“Beaver River Broadband has secured federal Universal Broadband Fund support to deliver fibre-to-the-home infrastructure directly to Peepeekisis Cree Nation. This critical investment guarantees gigabit-capable Internet access that will transform local opportunities in digital education, remote health care and community-led economic development. Crucially, the project underscores the importance of partnering with smaller, regional Internet providers that bring deep community roots, agile deployment and a dedicated focus on serving areas that larger national carriers often overlook. As an Indigenous-led regional provider working closely with First Nations, Beaver River Broadband understands the unique needs of the area and delivers tailored, reliable customer support on the ground. Empowering local providers through initiatives like the Universal Broadband Fund ensures that underserved First Nations are not just connected but also supported by partners invested in their long-term digital sovereignty.”
– John DeGraauw, CEO, Beaver River Broadband
“MCSnet’s fibre-to-the-tower expansion in Saskatchewan will deliver fast, highly reliable Internet access to underserved homes in rural Saskatchewan, courtesy of a dedicated, community-invested provider. As a family-owned company based in the Prairies, we have been serving rural communities with our innovative technology and exceptional customer service for over 30 years.”
– Jerome VanBrabant, Chief Projects Officer, MCSnet
Quick facts
Canada’s Connectivity Strategy aims to provide all Canadians with access to Internet speeds of at least 50 megabits per second (Mbps) download / 10 Mbps upload.The Universal Broadband Fund is a $3.225 billion investment by the Government of Canada designed to help provide high-speed Internet access to 98% of Canadian households by the end of 2026 and achieve the national target of 100% access by 2030.Today, 97.4% of Canadian households have access to high-speed Internet, compared to just 79% in 2014.In Saskatchewan, 89.2% of households currently have access to high-speed internet.Since 2015, the Government of Canada has invested $242 million in connectivity projects in Saskatchewan.The Canada Infrastructure Bank has committed more than $2 billion toward digital (broadband) infrastructure, closing last-mile connectivity gaps across Canada.Indigenous women, girls, Two-Spirit individuals and gender diverse people are more likely to go missing or be murdered than non-Indigenous women. Better connectivity means more tools in moments of danger, enabling victims of violence to access critical online resources and get help when they need it most.Building on the Building a Green Prairie Economy Act, the Government of Canada launched the Prairie Partnership Initiative to build a dynamic, sustainable and inclusive economy in the Prairie provinces.
Associated links
Rural economic developmentHigh-Speed Internet Access DashboardUniversal Broadband FundBackgrounder: Universal Broadband Fund and Telesat low Earth orbit capacity agreementCanada Infrastructure Bank: Digital Infrastructure and AIHigh-Speed Access for All: Canada’s Connectivity StrategyNational Broadband MapFederal Pathway to Address Missing and Murdered Indigenous Women, Girls and 2SLGBTQQIA+ PeoplePrairie Partnership Initiative
Stay connected
Follow Innovation, Science and Economic Development Canada on social media. X (Twitter): @ISED_CA | Facebook: Canadian Innovation | Instagram: @cdninnovation | LinkedIn: Innovation, Science and Economic Development Canada
For easy access to government programs for businesses, download the Canada Business app.
SOURCE Innovation, Science and Economic Development Canada
Technology
Fragmented Web Strategies Leave Organizations Exposed as Digital Expectations Rise, Warns Info-Tech Research Group
Published
52 minutes agoon
July 24, 2026By
Organizations are increasingly focused on modernizing their digital presence to meet rising user expectations, yet many still rely on decentralized content models, inconsistent governance, and legacy platforms. New findings from Info-Tech Research Group show that without a structured web experience management (WEM) strategy, web initiatives often fail to align with business goals and user needs. The firm’s blueprint Develop Your Web Experience Management Strategy provides a five-phase framework and tools to help IT leaders strengthen governance and align web priorities with organizational objectives.
ARLINGTON, Va., July 24, 2026 /CNW/ — Organizations continue to invest in digital platforms and web modernization efforts, but progress is often limited by unclear priorities, inconsistent ownership, and a lack of shared performance measures. New insights from Info-Tech Research Group indicate that without a clear understanding of web experience maturity and readiness, digital investments fail to translate into consistent and measurable outcomes. The global research and advisory firm’s recently published blueprint, Develop Your Web Experience Management Strategy, provides a structured five-phase methodology to assess current-state capabilities, define priority audiences and journeys, and build a practical roadmap for evolving the web ecosystem in alignment with organizational objectives.
“Web experience management has moved beyond basic websites to become a core driver of growth and engagement,” says Hriday Gulrajani, senior research analyst at Info-Tech Research Group. “CIOs and IT leaders need to align marketing, data, and technology teams under clear governance and a structured roadmap to deliver consistent, scalable digital experiences.”
Info-Tech’s blueprint shows that many organizations treat web modernization as a technology upgrade rather than a coordinated experience strategy. As a result, content operations remain decentralized, integration between core systems such as CMS, CRM, and analytics platforms is inconsistent, and governance responsibilities are not clearly defined. While capabilities such as personalization, automation, and advanced analytics offer opportunities to improve engagement and operational efficiency, organizations often lack a structured framework for prioritizing initiatives and measuring progress across the web ecosystem.
Key Challenges IT Leaders Face in Web Experience Management
Despite ongoing investment in digital platforms and experience initiatives, many organizations encounter structural and operational barriers that limit progress. Info-Tech’s research highlights several persistent challenges:
Content decisions are often made in silos, resulting in inconsistent messaging, fragmented governance, and unclear ownership across teams.Limited integration between CMS, CRM, analytics, and other core systems restricts visibility into user behavior and makes it difficult to measure and improve web experience performance.Legacy platforms and constrained architectures limit personalization, automation, accessibility, and multichannel delivery capabilities.Misalignment between marketing, IT, and data teams slows decision-making and weakens the organization’s ability to evolve its web ecosystem strategically.
Info-Tech’s Practical Framework for Web Experience Management
To address these challenges, Info-Tech recommends a structured five-phase approach that connects organizational strategy, customer experience priorities, and web execution. The Develop Your Web Experience Management Strategy blueprint outlines the following priorities for CIOs and IT leaders:
Phase 1: Define Vision & Success Criteria – Align WEM objectives to organizational strategy, define strategic outcomes, and establish experience KPIs to measure performance across digital touchpoints.
Phase 2: Assess Current State & Readiness – Use a web experience maturity model to evaluate capabilities across people, process, technology, and performance, and identify integration gaps and readiness risks.
Phase 3: Understand Audiences & Experience Priorities – Define priority personas, map end-to-end journeys, and translate organizational goals into structured web experience use cases prioritized by value and feasibility.
Phase 4: Architect & Govern the Ecosystem – Establish architecture principles, design the target-state WEM ecosystem, and define governance structures and operating models that clarify roles, ownership, and decision rights.
Phase 5: Launch, Communicate, & Measure – Develop a phased roadmap aligned to key value drivers, implement performance measurement frameworks, and enable continuous optimization across the web ecosystem.
Info-Tech’s Develop Your Web Experience Management Strategy blueprint is supported by a Web Experience Management Business Case Template and a Web Experience Initiatives Prioritization and Roadmap Planning Tool. These resources are designed to help CIOs and IT leaders build a clear case for modernization, prioritize initiatives based on value and feasibility, and develop phased roadmaps aligned to organizational objectives. By applying this framework and its supporting tools, organizations can strengthen governance, improve cross-functional alignment, and evolve their web ecosystem in a measurable and scalable way.
For exclusive and timely commentary from Info-Tech’s experts, including Hriday Gulrajani, and access to the complete Develop Your Web Experience Management Strategy blueprint, please contact pr@infotech.com.
About Info-Tech Research Group
Info-Tech Research Group is one of the world’s leading and fastest-growing research and advisory firms, serving over 30,000 IT, HR, and marketing professionals around the globe. As a trusted product and service leader, the company delivers unbiased, highly relevant research and industry-leading advisory support to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide everything they need, from actionable tools to expert guidance, ensuring they deliver measurable results for their organizations.
To learn more about Info-Tech’s HR research and advisory services, visit McLean & Company, and for data-driven software buying insights and vendor evaluations, visit the firm’s SoftwareReviews platform.
Media professionals can register for unrestricted access to research across IT, HR, and software, as well as hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact pr@infotech.com.
For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.
View original content to download multimedia:https://www.prnewswire.com/news-releases/fragmented-web-strategies-leave-organizations-exposed-as-digital-expectations-rise-warns-info-tech-research-group-302834308.html
SOURCE Info-Tech Research Group
Technology
In HelloNation, Custom Fabrication Expert Mark Coyle Explains What to Know Before Choosing an Aluminum Fabrication Partner
Published
52 minutes agoon
July 24, 2026By
The article explains how an integrated fabrication process supports better quality, efficiency, and long-term project success.
ROCHESTER, N.Y., July 24, 2026 /PRNewswire/ — What should someone look for before selecting an aluminum fabrication partner who can guide a project from the first design sketch through final delivery? That question is answered in a HelloNation article featuring insights from Custom Fabrication Expert Mark Coyle of American Custom Metals, Inc. in Rochester, New York, that explains how the full aluminum production workflow shapes accuracy, consistency, and long-term reliability. The article shows why a clear understanding of each stage in the process helps people make informed decisions before committing to a fabrication partner.
The article begins by explaining that aluminum fabrication involves far more than cutting or welding. It describes how every project moves through a connected chain of design support, extrusion, machining, finishing, and logistics. Each step affects the next, and the article notes that the best results come from choosing an aluminum fabrication partner who keeps these stages aligned. By showing how coordination prevents errors, the article gives readers a practical way to evaluate a potential shop.
Early design support is a major focus of the article. It states that many projects benefit when design engineering is handled in-house because small adjustments to a profile can influence strength, weight, and final performance. The HelloNation article explains that an aluminum fabrication partner with internal design capabilities can review shapes before tooling begins, reducing the risk of delays caused by unrealistic or difficult-to-extrude features. This design stage sets the direction for everything that follows, making it one of the most valuable parts of the process.
The article also examines extrusion, which it calls one of the most specialized stages in aluminum manufacturing. It notes that some shops do not extrude their own material, which forces them to rely on outside mills. That structure can lead to longer schedules and more points of communication. By contrast, an aluminum fabrication partner with direct access to extrusion equipment can control die design, schedule production runs, and manage metal flow more precisely. The article explains that this control reduces variation between batches, which supports stable timelines and more predictable quality.
Machining receives detailed attention as well. The article states that accuracy depends on how well each machine is calibrated for the specific alloy and geometry involved. It describes how a fabricator who machines their own extrusions becomes familiar with how those profiles respond to different tool paths and cutting forces. This familiarity supports tighter tolerances and more dependable results. The article explains that when machining is outsourced, the receiving shop may not know the conditions under which the material was extruded or aged, which can cause small adjustments that affect uniformity across long runs.
Finishing is another important stage explored in the article. It explains how anodizing, powder coating, polishing, or protective layers interact with thickness and alloy. The article notes that when finishing is spread across multiple vendors, the project moves more often, which increases the chance for delays or inconsistency. An aluminum fabrication partner with integrated finishing services can keep color and coating texture more uniform while maintaining a tighter schedule.
Logistics also plays a key role in the article’s guidance. It highlights that aluminum profiles, especially long or delicate ones, require thoughtful packaging, palletizing, and freight planning. A shop with its own logistics team can reduce damage risks and speed up the time between manufacturing and delivery. The article explains that when logistics is outsourced, communication slows down and the chances of errors increase, making it harder to keep a project on schedule.
Tolerance control is another subject the article describes. It explains that aluminum reacts to heat, pressure, and machining forces in predictable ways only when the team understands how the material was formed at every stage. The article notes that when extrusion, aging, machining, and inspection all occur within one operation, teams can maintain a closed loop of information. This reduces the risk of dimensional issues and strengthens consistency from batch to batch.
As the article moves toward its conclusion, it emphasizes that choosing the right aluminum fabrication partner comes down to understanding how many stages the shop directly manages. When a partner controls design, extrusion, machining, finishing, and logistics, communication becomes clearer, and the workflow becomes more predictable. The article explains that this unified structure allows teams to adjust quickly because they understand every step of the operation.
The article ends by stating that dependable performance in aluminum work depends on how well each stage connects to the next. A strong aluminum fabrication partner is defined not by one capability but by how the entire process fits together. This guidance gives readers a practical way to evaluate potential partners and make decisions that support long-term project success.
What to Know Before Choosing an Aluminum Fabrication Partner features insights from Mark Coyle, Custom Fabrication Expert of Rochester, NY, in HelloNation.
About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.
View original content to download multimedia:https://www.prnewswire.com/news-releases/in-hellonation-custom-fabrication-expert-mark-coyle-explains-what-to-know-before-choosing-an-aluminum-fabrication-partner-302834344.html
SOURCE HelloNation
Secretary of State Belanger announces expansion of high-speed Internet access in Saskatchewan
Fragmented Web Strategies Leave Organizations Exposed as Digital Expectations Rise, Warns Info-Tech Research Group
In HelloNation, Custom Fabrication Expert Mark Coyle Explains What to Know Before Choosing an Aluminum Fabrication Partner
Send Rakhi to UK swiftly with UK Gifts Portal
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
New Gooseneck Omni Antennas Offer Enhanced Signals in a Durable Package
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Coin Market5 days agoWill the US get CLARITY this week? Bitcoin’s new $80K target: Hodler’s Digest, July 19
-
Technology5 days ago“Every Day CO₂ Challenge”: More Than a Game, A New Way of Learning
-
Technology4 days agoTrakka Systems to Demonstrate Advanced ISR Capabilities at Farnborough International Airshow 2026
-
Technology5 days ago
China-Europe Youth Exchange Campaign: When Fashion Meets Football — A Green Pitch Appointment for Cross-Cultural Dialogue
-
Technology5 days agoPowering ASEAN’s Manufacturing Transformation: IME 2026 Connects Technology, Industry and Opportunity
-
Technology4 days agoSigneasy expands beyond eSignatures with Intelligent Contract Management for growing businesses
-
Technology5 days agoDBS named Asia’s Best Digital Bank by Euromoney, recognised for its AI leadership and responsible innovation
-
Technology4 days agoBOC Group Releases ADONIS 19.0 LTS to Bring Smarter Support into Everyday BPM Work
