Sohu’s revenue in the third quarter was US $216 million, a year-on-year increase of 37% and a net profit of US $17 million

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On November 15, 2021, Sohu announced its financial report for the third quarter of 2021. According to the financial report, Sohu’s total revenue in the third quarter was US $216 million, a year-on-year increase of 37%; Net profit of US $17 million. Both revenue and profit were better than previously expected.
Key results in the third quarter
The total revenue was USD 216 million, an increase of 37% over the same period in 2020 and 6% over the previous quarter.
Brand advertising revenue was US $34 million, down 18% from the same period in 2020 and 8% from the previous quarter.
Online game revenue was $167 million, an increase of 65% over the same period in 2020 and 10% over the previous quarter.
The US GAAP net profit from continuing operations attributable to Sohu was US $12 million. The net loss in the same period last year was US $15 million and the net profit in the previous quarter was US $22 million.
The net profit of non GAAP going concern attributable to Sohu company was US $17 million. The net loss in the same period last year was US $7 million and the net profit in the previous quarter was US $25 million.
Dr. Zhang Chaoyang, chairman and CEO of Sohu, commented: “In the third quarter of 2021, in the face of the epidemic and the uncertainty of the macroeconomic environment, we continued to focus on technology improvement and product R & D. thanks to the steady performance of the online game business, our revenue and profit were better than previously expected. Sohu media continued to optimize products, enrich high-quality content and promote social distribution. Sohu Video continued to focus on ‘dual engines’ In terms of strategy, we applied advanced live video technology to a variety of scenes, making it an effective tool for producing video content. Changyou online games performed well this quarter, with revenue exceeding the previous expected upper limit. ”
Recent developments
Sohu announced today that the board of directors has approved a one-year American depositary share repurchase plan with a total amount of up to US $100 million on November 13, 2021. The stock repurchase plan will be carried out by the management in the open market according to the market price in accordance with the relevant provisions of rule 10b-18 and 10b5-1 under the US Securities Exchange Act of 1934.
The time and quantity of purchase of Sohu ADSS will depend on Sohu’s management’s evaluation of market conditions, transaction price of ADSS and other factors. This stock repurchase plan can be suspended or terminated at any time. The company plans to use existing funds for this repurchase.