Sohu.com's financial results for the first quarter of 2004, which ended March 31, were reported today. The Chinese web portal downplayed gains earned from mobile value-added services and instead showed a 146% increase on advertising revenue.

Other business highlights for the first quarter 2004:

— Revenues rise 80% year-on-year to US$25.9 million.

— Non-advertising revenues grow 50% year-on-year to US$14.9 million.

— Gross margins reach 67% and operating profit margins reach 41%.

— US GAAP net income is US$10.9 million or US$0.27 per diluted share.

Sohu reported revenues of US$25.9 million for its first quarter ended March 31, 2004, an increase of 80% year-on-year.

Gross margins rose to 67% in Q1 2004 from 64% in Q1 2003. The Q1 2004 US GAAP (Generally Accepted Accounting Principles) net income of US$10.9 million or US$0.27 per share was a US$6.3 million improvement from the Q1 2003 net income of US$4.6 million or US$0.12 per share.

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