Published on 20 May 2024 on Zacks via Yahoo Finance

SOHU Incurs Wider-Than-Expected Loss in Q1 on Lower Revenues

Sohu.com Limited SOHU reported soft first-quarter 2024 results, with the bottom line missing the Zacks Consensus Estimate. Despite increasing user engagement and innovative strategic investments in its platform, the leading provider of online advertising, media and gaming services in China recorded year-over-year lower revenues owing to the adverse impact of rigid government regulations and macroeconomic headwinds.

Net Income

On a GAAP basis, the company incurred a net loss of $25 million or a loss of 76 cents per American Depository Share (ADS) compared with a net loss of $17.9 million or a loss of 53 cents per ADS in the prior-year quarter. Top-line contraction primarily led to the year-over-year wider loss during the quarter.Non-GAAP net loss was $21.6 million or a loss of 65 cents per ADS compared with a net loss of $12.6 million or a loss of 37 cents per ADS in the year-ago quarter. Non-GAAP net loss for the reported quarter was wider than the Zacks Consensus Estimate of a loss of 22 cents.