Sohu.com Ltd. (SOHU), a leading Chinese entity in online media, video, and gaming sectors, announced on Tuesday that it experienced a third-quarter net loss attributable to the company amounting to $16.35 million, or $0.52 per share. This compares with a net income of $21.37 million, or $0.63 per share, reported for the same period last year.
The previous year's positive result was bolstered by a disposal gain from discontinued operations, accounting for $35.43 million, or $1.04 per share. This followed the bankruptcy proceedings of a unit under Changyou, Shanghai Jingmao Culture Communication Co., Ltd.
Focusing solely on continuing operations, the company’s net loss attributable amounted to $16.35 million, or $0.52 per share, which is a deeper loss compared to the prior year's deficit of $14.06 million or $0.41 per share.
When adjusted for specific factors, the net loss from ongoing operations was $12.42 million, or $0.39 per share, as compared to a net loss of $10.20 million or $0.30 per share in the previous year.
Overall, total revenues reached $152 million, marking a 5 percent increase from the previous year’s $145.43 million. Notably, brand advertising revenues decreased by 15 percent year-over-year to $19 million. In contrast, online gaming revenues experienced a 9 percent increase, reaching $128 million.
Looking forward, Sohu projects that for the fourth quarter, the net loss attributable will range between $30 million and $40 million, with the adjusted net loss expected to be between $26 million and $36 million.
The company anticipates brand advertising revenues to be between $17 million and $19 million, reflecting a potential annual decline of 6 percent to 16 percent. Meanwhile, online game revenues are projected to fall within the range of $97 million and $107 million, representing an anticipated annual decrease of 7 percent to 15 percent.
