Earnings: Sohu.com Revs Spike 46 Percent in Q3; Online Games Business Taking Off
Chinese internet portal Sohu.com reported Q3 revenues of $51.5 million, up 46 percent from last year’s $35.4 million. Net income kept pace, rising 45 percent to $9.7 million ($.25 per share) from $6.6 million ($.18 per share) in the year-ago period. Results surpassed expectations, as did the company’s Q4 guidance of $53.5-$55.5 million fourth quarter revenue, sending the stock shot up 9.3 percent after hours. Some highlights:
– Advertising revenues gained 32 pecent to $31.5 million.
– Online games are becoming a meaningful chunk of the company’s business, with revenues rising 473 percent year-over-year to $12.7 million.
– Total non-advertising revenue hit $20 million, up 74 percent from last year.
