According to news from this site on August 7, Sohu announced its second quarter financial report for 2023 today. The financial report shows that Sohu’s total revenue in the second quarter was US$152 million (note on this site: currently about 1.091 billion yuan), of which brand advertising revenue was US$24 million and online game revenue was US$118 million. All met expectations.
Total revenue was $152 million, down 22% from the same period in 2022 and down 6% from the previous quarter.
Brand advertising revenue was $24 million, down 4% from the same period in 2022 and up 6% from the prior quarter.
Online gaming revenue was $118 million, down 25% from the same period in 2022 and down 9% from the prior quarter.
GAAP net loss attributable to Sohu was $21 million. Net income for the same period in 2022 was $9 million, compared with a net loss of $18 million last quarter.
Non-GAAP net loss attributable to Sohu was $18 million. Net income for the same period in 2022 was $12 million, compared with a net loss of $13 million last quarter.
Zhang Chaoyang, founder, chairman and CEO of Sohu, commented: "In the second quarter of 2023, our business performance was stable, with revenue and net profit both meeting expectations. Sohu Media On the other hand, we continue to improve our products and technologies to provide users with a large amount of real-time and reliable content to enhance user experience. On Sohu Video, we continue to pursue the 'dual engine' strategy, continuously enrich long and short video content, and actively improve social distribution. .With the help of advanced live broadcast technology and Sohu product matrix, we have held a number of traditional and innovative marketing activities, generating rich content while attracting a large number of users, and constantly exploring business opportunities and obtaining advertising budgets. The online game business has performed steadily, Revenue was in line with previous expectations."
Total revenue was US$152 million, a decrease of 22% from the same period in 2022 and a decrease of 6% from the previous quarter. %.
Brand advertising revenue was $24 million, down 4% from the same period in 2022 and up 6% from the prior quarter.
Online gaming revenue was $118 million, down 25% from the same period in 2022 and down 9% from the previous quarter. The year-over-year and quarter-on-quarter decreases were primarily due to the natural decline in revenue from older games.
Both GAAP and non-GAAP gross margins were 76%, both 73% for the same period in 2022, and 75% for the previous quarter.
The GAAP and non-GAAP gross profit margins of the brand advertising business were both 30%, 4% for the same period in 2022, and 17% for the previous quarter.
Online gaming business U.S. GAAP and non-GAAP gross margins were both 87%, both 84% for the same period in 2022, and 85% for the previous quarter.
GAAP operating expenses were $138 million, up 5% from the same period in 2022 and down 1% from the prior quarter. Non-GAAP operating expenses were $138 million, up 6% from the same period in 2022 and down 1% from the prior quarter. The year-on-year increase in operating expenses was mainly due to the increase in Changyou's product research and development expenses.
GAAP operating loss was $23 million, compared with $10 million in the same period in 2022 and $18 million in the prior quarter.
Non-GAAP operating loss was $23 million, compared with $11 million in the same period in 2022 and $18 million in the prior quarter.
GAAP income tax expense was $18 million, compared with $17 million in the same period in 2022 and $13 million in the prior quarter. Non-GAAP income tax expense was $15 million, compared with $16 million in the same period in 2022 and $11 million in the prior quarter.
GAAP net loss attributable to Sohu was $21 million, and GAAP net loss per diluted share was $0.62. Net income for the same period in 2022 was $9 million, compared with a net loss of $18 million last quarter.
Non-GAAP net loss attributable to Sohu was $18 million, and non-GAAP diluted net loss per share was $0.52. Net income for the same period in 2022 was $12 million, compared with a net loss of $13 million last quarter.
In terms of PC client games, the total average number of monthly active users It was 2.2 million, down 4% from the same period last year and the same as the previous quarter. Quarterly total active paying users were 900,000, down 12% from the same period last year and down 4% from the previous quarter. The year-on-year decrease in the number of paying users was mainly due to the natural decline of Tianlong PC games.
For mobile games, the total average number of monthly active users was 1.3 million, a decrease of 35% from the same period last year and a decrease of 19% from the previous quarter. Quarterly total active paying users were 300,000, down 35% from the same period last year and down 15% from the previous quarter. The year-on-year and month-on-month decreases in the number of active users and paying users were mainly due to the natural decline of old games.
Total revenue was $119 million, a decrease of 25% from the same period last year and a decrease of 9% from the previous quarter. Online gaming revenue was $118 million, down 25% from the same period last year and down 9% from the previous quarter. Online advertising revenue was $1 million, down 37% from the same period last year and down 19% from the prior quarter.
Both GAAP and non-GAAP gross profit were $103 million, down 22% from the same period last year and down 7% from the previous quarter.
GAAP operating expenses were $54 million, up 12% from the year-ago period and down 5% from the prior quarter. The year-on-year increase was mainly due to the increase in product research and development expenses.
Non-GAAP operating expenses were $54 million, up 13% from the year-ago period and down 5% from the prior quarter.
GAAP operating profit was $49 million, compared with $84 million in the same period in 2022 and $54 million in the prior quarter.
Non-GAAP operating profit was $49 million, compared with $85 million in the same period in 2022 and $55 million in the prior quarter.
In the third quarter of 2023, Sohu expects:
Brand advertising revenue will be between US$21 million and US$24 million (currently approximately US$1.51 billion to RMB 172 million), a decrease of 7% to 18% compared with the same period in 2022, and a decrease of 12% from the second quarter of 2023.
Online gaming revenue was in the range of $108 million to $118 million, down 21% to 27% from the same period in 2022 and down 9% from the second quarter of 2023. The "New Tian Long Ba Bu" mobile game is planned to be launched in the third quarter of 2023. Before the official launch, revenue expectations are still uncertain. Out of an abundance of caution, the company's guidance for the third quarter does not include the impact of the "New Tian Long Ba Bu" mobile game.
Non-GAAP net loss attributable to Sohu Company is in the range of US$20 million to US$30 million, and US GAAP net loss attributable to Sohu Company is in the range of US$23 million to US$33 million Between ten thousand dollars.
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