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Sohu Clocks 5% Revenue Decline In Q2

Benzinga Real-time News ·  {{timeTz}}
  • Sohu.com Limited (NASDAQ:SOHU) reported a second-quarter FY22 revenue decline of 5% year-on-year to $195 million. Revenue was up 1% Q/Q.
  • Brand advertising revenues declined 32% Y/Y to $25 million.
  • Online game revenues increased 4% Y/Y to $157 million.
  • The non-GAAP gross margin was 73%, contracting 300 basis points Y/Y and declining 200 basis points sequentially. The non-GAAP gross margin for online games was 84% versus 89% last year and 86% in the prior quarter.
  • GAAP earnings per ADS were $0.25. Non-GAAP earnings per ADS were $0.36.
  • Sohu held $1.46 billion in cash and equivalents.
  • Average monthly active user accounts for Changyou PC games decreased 7% Y/Y to 2.3 million. Average MAU for Changyou mobile games rose 7% Y/Y to 2 million.
  • Charles Zhang, Chairman and CEO of Sohu.com, commented, "In the second quarter of 2022, COVID-19 and related prevention measures disrupted normal economic activity nationwide. We met the challenge proactively by refining our products and technology and exploring a range of monetization opportunities. Our brand advertising revenue met the high end of our previous guidance during the quarter. Thanks to the solid performance of our online game business, our profitability exceeded guidance."
  • Outlook: Sohu sees Q3 brand advertising revenue decrease 17%-26% Y/Y to $25 million - $28 million.
  • It sees Q3 online game revenues decline of 11%-17% Y/Y to $138 million - $148 million.
  • Sohu estimates to report a loss on both GAAP and non-GAAP basis.
  • Price Action: SOHU shares closed higher by 0.24% at $16.70 on Friday.

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