BEIJING, April 26 /PRNewswire-Asia/ -- Sohu.com Inc.
(Nasdaq: SOHU), China's leading
online media, communications, search, online games and wireless
value-added services group, today reported unaudited financial
results for the first quarter ended March
31, 2010.
(Logo: http://www.newscom.com/cgi-bin/prnh/20100201/CNM013LOGO )
First Quarter 2010 Highlights(1)
-- Total revenues were US$129.5 million, up 12% year-over-year, exceeding
the high end of the Group's guidance.
-- Brand advertising revenues were US$39.5 million, near the high end of
the Group's guidance.
-- Online game revenues reached a record US$72.1 million, up 17%
year-over-year and 2% quarter-on-quarter, within the Group's guidance.
-- Before deducting the share of net income pertaining to the
Non-Controlling Interest in Changyou, non-GAAP net income for the first
quarter of 2010 was US$48.4 million, exceeding the high end of the
Group's guidance, up 3% year-over-year and down 4% quarter-on-quarter.
-- After deducting the share of net income pertaining to the
Non-Controlling Interest in Changyou, non-GAAP net income for the first
quarter of 2010 was US$33.8 million, or US 86 cents per fully diluted
share, exceeding the high end of the Group's guidance.
(1) Explanation of the Group's non-GAAP financial measures and related
reconciliations to GAAP financial measures are included in the
accompanying "Non-GAAP Disclosure" and the "Reconciliation to
Unaudited Condensed Consolidated Statements of Operations."
Dr. Charles Zhang, Chairman and
CEO of Sohu.com, commented, "We continued to execute our strategies
in our portal and online game businesses. We are significantly
ramping up our library of exclusive and licensed video content as
many of the great media companies in China and around the world partner with us. By
combining licensed content with our own in-house produced material,
we are able to expand and promote our full offering to a rapidly
growing online community. Our online game business also continues
to produce encouraging results. Aggregate peak concurrent users
surpassed one million for the first time, which clearly shows our
growing momentum as we retain existing users and attract new ones.
Strategic releases of updates proved to be successful in
reinforcing the popularity of our existing games. Meanwhile, we've
been focusing on diversifying our game portfolio through greater
efforts on developing the differentiated games in our 2010
pipeline."
Commenting on Sohu's brand advertising business, Ms.
Belinda Wang, Co-President and COO,
added, "Brand advertising revenues were in-line with our
expectations and we are optimistic that business will accelerate as
advertisers ramp up their promotional campaigns ahead of the World
Expo and World Cup. Our nationwide marketing reach and diversified
platform position us well as brands look for broad-based and
effective advertising solutions in China."
First Quarter Financial Results
Revenues
Total revenues for the first quarter ended March 31, 2010 were US$129.5 million, representing a sequential
decrease of 5% and an increase of 12% year-over-year.
Brand advertising revenues for the first quarter of 2010 totaled
US$39.5 million, representing a
sequential decrease of 14% and an increase of 1%
year-over-year.
Online game revenues for the first quarter of 2010 were
US$72.1 million, representing
increases of 2% sequentially and 17% year-over-year.
Wireless revenues for the first quarter of 2010 were
US$13.3 million, representing
decreases of 15% sequentially and 1% year-over-year.
Gross Margin
Gross margin was 75% in the first quarter of 2010, compared with
75% in the fourth quarter of 2009 and 76% in the first quarter of
2009. Non-GAAP gross margin for the first quarter of 2010 was 75%,
compared with 75% in the fourth quarter of 2009 and 76% in the
first quarter of 2009.
Brand advertising gross margin for the first quarter of 2010 was
56%, compared with 65% in the fourth quarter of 2009 and 65% in the
first quarter of 2009. Non-GAAP brand advertising gross margin for
the first quarter of 2010 was 59%, compared with 65% in the fourth
quarter of 2009 and 65% in the first quarter of 2009.
Online game gross margin for the first quarter of 2010 was 93%,
compared with 92% in the fourth quarter of 2009 and 94% in the
first quarter of 2009. Non-GAAP online game gross margin in the
first quarter of 2010 was also 93%, compared with 92% in the fourth
quarter of 2009 and 94% in the first quarter of 2009.
Wireless gross margin for the first quarter of 2010 was 48%,
compared with 44% in the fourth quarter of 2009 and 43% in the
first quarter of 2009. Non- GAAP wireless gross margin for the
first quarter of 2010 was 48%, compared with 44% in the fourth
quarter of 2009 and 43% in the first quarter of 2009.
Operating Expenses
For the first quarter of 2010, Sohu's operating expenses totaled
US$48.5 million. Non-GAAP operating
expenses totaled US$43.0 million,
down 4% sequentially from US$45.0
million and up 19% year-over-year. The year-over-year
increase primarily reflects an increase in marketing expenses.
Operating Margin
Operating margin was 37% in the first quarter of 2010, compared
with 39% in the fourth quarter of 2009 and 43% in the first quarter
of 2009. Non-GAAP operating profit margin was 42% for the first
quarter of 2010, compared with 42% in the previous quarter and 45%
in the first quarter of 2009.
Income Tax Expense
For the first quarter of 2010, excluding non-cash income tax
expense of US$0.5 million recorded
for tax benefits from share-based awards, non-GAAP income tax
expense was US$7.4 million, compared
with US$8.2 million in the previous
quarter.
Net Income
Before deducting the share of net income pertaining to the
Non-Controlling Interest in Changyou, GAAP net income for the first
quarter of 2010 was US$41.3 million,
down 3% quarter-over-quarter and 7% year-over-year. Non-GAAP net
income for the first quarter of 2010 was US$48.4 million, down 4% quarter-over-quarter and
up 3% year-over-year, exceeding the Group's guidance.
After deducting the share of net income pertaining to the
Non-Controlling Interest in Changyou, GAAP net income for the first
quarter of 2010 was US$27.9 million,
or US 73 cents per fully diluted
share. Non-GAAP net income for the first quarter of 2010 was
US$33.8 million, or US 86 cents per fully diluted share, a decrease of
6% quarter-over-quarter, exceeding the Group's guidance.
Cash Balance
The Company continued to maintain a debt-free balance sheet and
a strong cash position of US$599.2
million as of March 31,
2010.
Ms. Carol Yu, Co-President and
CFO of Sohu, commented, "Our current business is strong, with
healthy growth in advertising, a stable portfolio of existing
online games that continue to grow, and a debt-free balance sheet
that is supported by strong cash flow. Solid momentum of video
content, a promising online game pipeline also provide us
substantial room to expand further and deliver value to our
shareholders over the long term."
Supplementary Metrics for Online Game Results
Operations
Aggregate registered accounts for Changyou's games as of
March 31, 2010 increased 8%
quarter-over-quarter and 38% year-over-year to 87.4 million.
Aggregate peak concurrent users ("PCU") for Changyou's games
rose 5% quarter-over-quarter and increased 7% year-over-year to
approximately 1.04 million.
Aggregate active paying accounts ("APA") for Changyou's games
was 2.4 million, which was consistent with last quarter and an
increase of 5% year-over-year.
Aggregate average revenue per active paying account ("ARPU") for
Changyou's games increased 2% quarter-over-quarter and 12%
year-over-year to RMB201, which is
within a range that Changyou targets to keep games affordable for
the majority of Chinese game players.
Revenue
Total online game revenues for the first quarter of 2010
increased 2% quarter-over-quarter and 17% year-over-year to
US$72.1 million.
Revenues from game operations for the first quarter of 2010
increased 2% quarter-over-quarter and 18% year-over-year to
US$70.2 million. The increases were
mainly due to the ongoing popularity of the Company's flagship
games.
Overseas licensing revenues for the first quarter of 2010
decreased 10% quarter-over-quarter and 17% year-over-year to
US$1.9 million. The decrease was
largely the result of greater competition in mature online game
markets abroad.
Business Outlook
Sohu estimates total revenues for the second quarter of 2010 to
be between US$139.0 million and US$144.0
million, with advertising revenues of US$54.0 million to US$56.0 million.
Sohu estimates brand advertising revenues for the second quarter
of 2010 to be between US$51.0 million and
US$53.0 million.
Sohu estimates online game revenues for the second quarter of
2010 to be between US$74.0 million and
US$77.0 million.
Sohu estimates non-GAAP net income for the second quarter of
2010, before deducting the share of non-GAAP net income pertaining
to the Non-Controlling Interest in Changyou, to be between
US$48.0 million to US$50.5 million.
After deducting the share of non-GAAP net income pertaining to the
Non-Controlling Interest in Changyou, Sohu estimates non-GAAP net
income for the second quarter of 2010 to be between US$34.0 million to US$36.0 million, and non-GAAP
fully diluted earnings per share for the second quarter of 2010 to
be between US 87 cents and US
92 cents.
Assuming no new grants of share-based awards, Sohu estimates
compensation expense and income tax expense related to share-based
awards for the second quarter of 2010 to be between US$6.5 million and US$7.5 million, which includes
Changyou's share-based compensation expense for the second quarter
of 2010 estimated to be between US$2.0
million and US$2.5 million. Considering Sohu's share in
Changyou, the estimated impact of this expense under US GAAP is
expected to reduce Sohu's fully diluted earnings per share for the
second quarter of 2010 by US 15 cents
to US 17 cents.
Non-GAAP Disclosure
To supplement the unaudited consolidated financial statements
presented in accordance with United States Generally Accepted
Accounting Principles ("GAAP"), Sohu's management uses non-GAAP
measures of cost of revenues, operating expenses, net income and
net income per share, which are adjusted from results based on GAAP
to exclude the compensation cost of share-based awards granted to
employees. These measures should be considered in addition to
results prepared in accordance with GAAP, but should not be
considered a substitute for, or superior to, GAAP results.
Sohu's management believes excluding the share-based
compensation expense from its non-GAAP financial measure is useful
for itself and investors. Further, the amount of share-based
compensation expense cannot be anticipated by management or
business line leaders and these expenses are not built into the
annual budgets and quarterly forecasts, which is the basis for
information Sohu provides to analysts and investors as guidance for
future operating performance. As share-based compensation expense
does not involve any upfront or subsequent cash outflow, Sohu does
not factor this in when evaluating and approving expenditures or
when determining the allocation of its resources to its business
segments. As a result, the monthly financial results for internal
reporting and any performance measure for commissions and bonuses
are based on non-GAAP financial measures that exclude share-based
compensation expense.
The non-GAAP financial measures are provided to enhance
investors' overall understanding of Sohu's current financial
performance and prospects for the future. A limitation of using
non-GAAP cost of revenues, operating expenses, net income and net
income per share, excluding share-based compensation expense, is
that the share-based compensation charge has been and will continue
to be a significant recurring expense in Sohu's business for the
foreseeable future. In order to mitigate these limitations we have
provided specific information regarding the GAAP amounts excluded
from each non-GAAP measure. The accompanying tables include details
on the reconciliation between the GAAP financial measures that are
most directly comparable to the non-GAAP financial measures we have
presented.
Notes to Financial Information
Financial information in this press release other than the
information indicated as being non-GAAP is extracted from Sohu's
unaudited interim financial statements prepared in accordance with
GAAP.
Safe Harbor Statement
This announcement contains forward-looking statements. It is
currently expected that the Business Outlook will not be updated
until release of Sohu's next quarterly earnings announcement;
however, Sohu reserves right to update its Business Outlook at any
time for any reason. Statements that are not historical facts,
including statements about Sohu's beliefs and expectations, are
forward-looking statements. These statements are based on current
plans, estimates and projections, and therefore you should not
place undue reliance on them. Forward-looking statements involve
inherent risks and uncertainties. We caution you that a number of
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, the
current global financial and credit markets crisis and its
potential impact on the Chinese economy, the slower growth the
Chinese economy experienced during the latter half of 2008 and in
2009, which could recur in the future, the uncertain regulatory
landscape in the People's Republic of
China, fluctuations in Sohu's quarterly operating results,
EPS dilution resulting from Changyou's initial public offering,
Sohu's historical and possible future losses, and its reliance on
online advertising sales, online games and wireless services (most
wireless revenues are collected from a few mobile network
operators) for its revenues. Further information regarding these
and other risks is included in Sohu's annual report on Form 10-K
for the year ended December 31, 2009,
and other filings with the Securities and Exchange Commission.
Conference Call and Webcast
Sohu's management team will host a conference call on
April 26, 2010 (8:30 p.m. Beijing/Hong
Kong time, April 26, 2010) at
8:30 a.m. U.S. Eastern Time.
The dial-in details for the live conference call are:
US Toll-Free: +1-877-941-6009
International: +1-480-629-9772
Hong Kong: +852-3009-5027
Passcode: SOHU
Please dial in 10 minutes before the call is scheduled to begin
and provide the pass code to join the call.
A telephone replay of the call will be available after the
conclusion of the conference call at 11:00
a.m. Eastern Time on April 26 through
May 8, 2010. The dial-in details for the telephone replay
are:
International: +1-852-2287-4304
Passcode: 4201220
The live webcast and archive of the conference call will be
available on the Investor Relations section of Sohu's website at
http://corp.sohu.com/ .
About Sohu.com
Sohu.com Inc. (NASDAQ: SOHU) is China's premier online brand and indispensable
to the daily life of millions of Chinese, providing a network of
web properties and community based/web 2.0 products which offer the
vast Sohu user community a broad array of choices regarding
information, entertainment and communication. Sohu has built one of
the most comprehensive matrices of Chinese language web properties
and proprietary search engines, consisting of the mass portal and
leading online media destination www.sohu.com ; interactive search
engine www.sogou.com ; #1 games information portal www.17173.com ;
the top real estate website www.focus.cn ; #1 online alumni club
www.chinaren.com ; wireless value-added services provider
www.goodfeel.com.cn ; leading online mapping service provider
www.go2map.com ; and developer and operator of online games
www.changyou.com .
Sohu corporate services consist of brand advertising on its
matrix of websites as well as paid listing and bid listing on its
in-house developed search directory and engine. Sohu also offers
wireless value-added services such as news, information, music,
ringtone and picture content sent over mobile phones. Sohu's
massively multiplayer online role-playing game (MMORPG) subsidiary,
Changyou.com (NASDAQ: CYOU), currently operates four online games,
including Tian Long Ba Bu, Blade
Online, Blade Hero 2 and Da Hua Shui Hu. Sohu.com, established by
Dr. Charles Zhang, one of
China's internet pioneers, is in
its fourteenth year of operation.
SOHU.COM INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended
Mar. 31, 2010 Dec. 31, 2009 Mar. 31, 2009
Revenues:
Advertising
Brand advertising $ 39,512 $ 45,876 $ 39,074
Sponsored search 2,834 2,929 1,562
Subtotal of advertising
revenues 42,346 48,805 40,636
Online games 72,072 70,698 61,607
Wireless and others 15,036 16,328 13,495
Total revenues 129,454 135,831 115,738
Cost of revenues:
Advertising
Brand advertising
(includes share-based
compensation expense of
$967, $141 and $236,
respectively) 17,283 16,238 13,730
Sponsored search (includes
share-based compensation
expense of $1, $1 and $3,
respectively) 2,913 3,079 2,298
Subtotal of cost of
advertising revenues 20,196 19,317 16,028
Online games (includes
share-based compensation
expense of $67, $57 and $8,
respectively) 5,384 5,419 3,436
Wireless and others (includes
share-based compensation
expense of $0, $0 and $0,
respectively) 7,246 9,097 8,129
Total cost of revenues 32,826 33,833 27,593
Gross profit 96,628 101,998 88,145
Operating expenses:
Product development (includes
share-based compensation
expense of $2,445, $1,952
and $1,274, respectively) 15,518 14,461 13,314
Sales and marketing (includes
share-based compensation
expense of $955, $96 and $285,
respectively) 23,009 25,405 16,826
General and administrative
(includes share-based
compensation expense of $2,093,
$1,687 and $481, respectively) 9,883 8,801 7,894
Amortization of intangible assets 108 93 74
Total operating expenses 48,518 48,760 38,108
Operating profit 48,110 53,238 50,037
Other (expense)/income (25) 239 1
Interest income and exchange
difference 1,199 1,136 1,122
Income before income tax expense 49,284 54,613 51,160
Income tax expense 7,963 12,168 6,586
Net income 41,321 42,445 44,574
Less: Net income(loss)
attributable to the
noncontrolling interest 11,130 10,096 (21)
Net income attributable to
Sohu.com Inc. 30,191 32,349 44,595
Basic net income per share
attributable to Sohu.com Inc. $ 0.80 $ 0.84 $ 1.17
Shares used in computing basic
net income per share attributable
to Sohu.com Inc. 37,778 38,317 38,162
Diluted net income per share
attributable to Sohu.com Inc. $ 0.73 $ 0.76 $ 1.15
Shares used in computing diluted
net income per share attributable
to Sohu.com Inc. 38,443 38,920 38,851
SOHU.COM INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED, IN THOUSANDS)
As of Mar. 31, As of Dec. 31,
2010 2009
ASSETS
Current assets:
Cash and cash equivalents $ 599,153 $ 563,782
Accounts receivable, net 47,849 46,610
Prepaid and other current assets 12,483 10,781
Total current assets 659,485 621,173
Fixed assets, net 116,828 115,088
Goodwill 57,440 55,555
Intangible assets, net 9,083 7,933
Other assets, net 31,750 28,524
Total assets $ 874,586 $ 828,273
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 7,229 $ 4,602
Accrued liabilities to suppliers
and agents 41,722 41,103
Receipts in advance and deferred
revenue 32,873 36,944
Accrued salary and benefits 26,216 28,860
Tax payables 21,547 21,953
Other accrued liabilities 17,201 17,035
Total current liabilities 146,788 150,497
Commitments and contingencies 1,318 --
Shareholders' equity:
Sohu.com Inc. shareholders' equity 641,319 609,781
Noncontrolling interest 85,161 67,995
Total shareholders' equity 726,480 677,776
Total liabilities and
shareholders' equity $ 874,586 $ 828,273
SOHU.COM INC.
RECONCILIATIONS TO UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
NON-GAAP NET INCOME EXCLUDING SHARE-BASED COMPENSATION EXPENSE
Three Months Ended Mar. 31, 2010
Non-GAAP
GAAP Adjustments(a) Non-GAAP
Advertising revenues $ 42,346 $ -- $ 42,346
Less: Cost of advertising
revenues 20,196 (968) 19,228
Advertising gross profit $ 22,150 $ 968 $ 23,118
Advertising gross margin 52% 55%
Online games revenues $ 72,072 $ -- $ 72,072
Less: Cost of online games
revenues 5,384 (67) 5,317
Online games gross profit $ 66,688 $ 67 $ 66,755
Online games gross margin 93% 93%
Wireless and others revenues $ 15,036 $ -- $ 15,036
Less: Cost of wireless and
others revenues 7,246 -- 7,246
Wireless and others gross
profit $ 7,790 $ -- $ 7,790
Wireless and others gross
margin 52% 52%
Total revenues $ 129,454 $ -- $ 129,454
Less: Total cost of revenues 32,826 (1,035) 31,791
Gross profit $ 96,628 $ 1,035 $ 97,663
Gross margin 75% 75%
Operating expenses $ 48,518 $ (5,493) $ 43,025
Operating profit $ 48,110 $ 6,528 $ 54,638
Operating margin 37% 42%
Income tax expense(benefit) $ 7,963 $ (531) $ 7,432
Net income before
Non-Controlling Interest $ 41,321 $ 7,059 $ 48,380
Net income attributable to
Sohu.com Inc. for basic net
income per share $ 30,191 $ 6,224 $ 36,415
Net income attributable to
Sohu.com Inc. for diluted net
income per share (b) $ 27,927 $ 5,842 $ 33,769
Diluted net income per share
attributable to Sohu.com Inc. $ 0.73 $ 0.86
Shares used in computing
diluted net income per share
attributable to Sohu.com Inc. 38,443 39,079
SOHU.COM INC.
RECONCILIATIONS TO UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
NON-GAAP NET INCOME EXCLUDING SHARE-BASED COMPENSATION EXPENSE
Three Months Ended Dec. 31, 2009
Non-GAAP
GAAP Adjustments(a) Non-GAAP
Advertising revenues $ 48,805 $ -- $ 48,805
Less: Cost of advertising
revenues 19,317 (142) 19,175
Advertising gross profit $ 29,488 $ 142 $ 29,630
Advertising gross margin 60% 61%
Online games revenues $ 70,698 $ -- $ 70,698
Less: Cost of online games
revenues 5,419 (57) 5,362
Online games gross profit $ 65,279 $ 57 $ 65,336
Online games gross margin 92% 92%
Wireless and others revenues $ 16,328 $ -- $ 16,328
Less: Cost of wireless and
others revenues 9,097 -- 9,097
Wireless and others gross
profit $ 7,231 $ -- $ 7,231
Wireless and others gross
margin 44% 44%
Total revenues $ 135,831 $ -- $ 135,831
Less: Total cost of revenues 33,833 (199) 33,634
Gross profit $ 101,998 $ 199 $ 102,197
Gross margin 75% 75%
Operating expenses $ 48,760 $ (3,735) $ 45,025
Operating profit $ 53,238 $ 3,934 $ 57,172
Operating margin 39% 42%
Income tax expense(benefit) $ 12,168 $ (3,927) $ 8,241
Net income before
Non-Controlling Interest $ 42,445 $ 7,861 $ 50,306
Net income attributable to
Sohu.com Inc. for basic net
income per share $ 32,349 $ 6,996 $ 39,345
Net income attributable to
Sohu.com Inc. for diluted
net income per share (b) $ 29,396 $ 6,447 $ 35,843
Diluted net income per share
attributable to Sohu.com Inc. $ 0.76 $ 0.92
Shares used in computing
diluted net income per share
attributable to Sohu.com Inc. 38,920 38,957
SOHU.COM INC.
RECONCILIATIONS TO UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
NON-GAAP NET INCOME EXCLUDING SHARE-BASED COMPENSATION EXPENSE
Three Months Ended Mar. 31, 2009
Non-GAAP
GAAP Adjustments(a) Non-GAAP
Advertising revenues $ 40,636 $ -- $ 40,636
Less: Cost of advertising
revenues 16,028 (239) 15,789
Advertising gross profit $ 24,608 $ 239 $ 24,847
Advertising gross margin 61% 61%
Online games revenues $ 61,607 $ -- $ 61,607
Less: Cost of online games
revenues 3,436 (8) 3,428
Online games gross profit $ 58,171 $ 8 $ 58,179
Online games gross margin 94% 94%
Wireless and others revenues $ 13,495 $ -- $ 13,495
Less: Cost of wireless and
others revenues 8,129 -- 8,129
Wireless and others gross
profit $ 5,366 $ -- $ 5,366
Wireless and others gross
margin 40% 40%
Total revenues $ 115,738 $ -- $ 115,738
Less: Total cost of revenues 27,593 (247) 27,346
Gross profit $ 88,145 $ 247 $ 88,392
Gross margin 76% 76%
Operating expenses $ 38,108 $ (2,040) $ 36,068
Operating profit $ 50,037 $ 2,287 $ 52,324
Operating margin 43% 45%
Income tax expense(benefit) $ 6,586 $ -- $ 6,586
Net income before
Non-Controlling Interest $ 44,574 $ 2,287 $ 46,861
Net income attributable to
Sohu.com Inc. for basic net
income per share $ 44,595 $ 2,287 $ 46,882
Net income attributable to
Sohu.com Inc. for diluted net
income per share (b) $ 44,595 $ 2,287 $ 46,882
Diluted net income per share
attributable to Sohu.com Inc. $ 1.15 $ 1.20
Shares used in computing diluted
net income per share
attributable to Sohu.com Inc. 38,851 39,020
Note:
(a) To eliminate the impact of share-based awards as measured using the
fair value method.
(b) To adjust Sohu's economic interest in Changyou under the treasury
stock method.
(c) Certain amounts from prior periods have been reclassified to conform
with current period presentation.
For investor and media inquiries, please contact:
In China:
Mr. James Deng
Senior Finance Director
Sohu.com Inc.
Tel: +86-10-6272-6596
Email: ir@contact.sohu.com
Mr. Chen Yuan Yuan
Christensen
Tel: +86-139-2337-7882
Email: ychen@ChristensenIR.com
In the United States:
Mr. Jeff Bloker
Christensen
Tel: +1-480-614-3003
Email: jbloker@ChristensenIR.com
SOURCE Sohu.com Inc.