Sohu.com Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 4% revenue growth year-over-year, driven by online games, but a net loss due to lower marketing services revenue and macroeconomic headwinds. Q2 guidance anticipates sequential growth in marketing but a decline in gaming, with continued cautious ad spending.
Fiscal Year 2025
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Q4 2025 revenue grew 6% YoY, with marketing services exceeding guidance and online games in line. A $285M tax reversal drove GAAP net income to $223M. Q1 2026 guidance is softer due to seasonality, with expected net loss of $10–20M.
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Q3 2025 saw a 19% year-over-year revenue increase and a return to profitability, driven by strong online game performance, especially from TLBB Return and TLBB Vintage. Marketing services declined, and Q4 guidance anticipates lower game revenues but a sequential rebound in advertising.
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Q2 2025 revenues declined year-over-year, with online games and marketing services both down, but operating profit in games improved. User engagement rose through major events, and a share buyback continued. Q3 guidance anticipates further revenue declines amid macroeconomic uncertainty.
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Q1 2025 revenues declined 3% year-over-year, with online games outperforming expectations and a $199M tax reversal driving GAAP net income. Marketing services and online game revenues are both projected to decline year-over-year in Q2, with continued economic and advertising headwinds.
Fiscal Year 2024
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Q4 2024 revenues declined year-over-year, with both advertising and online games down, leading to a wider net loss. Macroeconomic weakness pressured ad budgets, but FMCG and electronics sectors showed resilience. Share repurchases continued, with $100M buyback capacity remaining.
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Q3 2024 revenues rose 5% year-over-year, with online games and brand advertising meeting or exceeding guidance. Q4 outlook is conservative, citing macroeconomic softness and a focus on user stability, while the share buyback program is extended due to trading volume limits.
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Q2 2024 revenues rose 13% year-over-year to $172 million, driven by strong online game performance, though net losses widened. Q3 guidance anticipates declines in both advertising and gaming revenues amid macro headwinds, with continued focus on product innovation and share buybacks.