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Brand Advertising Pushes Sohu.com To Higher Revenue In China

Chinese Web portal company Sohu.com Inc. has reported its unaudited financial results for the second quarter ended June 30, 2009.

Total revenues for Sohu.com were USD127.1 million, up 25% year-on-year, while brand advertising revenues hit USD43.6 million, up 5% year-on-year and 12% quarter-on-quarter. Online game revenues reached USD66.6 million, up 39% year-on-year and 8% quarter-on-quarter. Wireless revenues for the second quarter of 2009 were USD15.0 million, an increase of 12% sequentially and 63% year-on-year.

Gross margin was 77% in the second quarter of 2009, compared to 76% in the first quarter of 2009, and 76% in the second quarter of 2008. For the second quarter of 2009, Sohu's operating expenses totaled USD49.8 million. For the second quarter of 2009, income tax expense was USD8.0 million, compared to USD6.6 million in the previous quarter.

Before deducting the share of net income pertaining to the non-controlling interest in Changyou.com, a Chinese gaming company, GAAP net income for the second quarter of 2009 was USD42.3 million, a decrease of 5% quarter-on-quarter and an increase of 5% year-on- year. After deducting the share of net income pertaining to the non-controlling interest in Changyou.com, GAAP net income attributable to Sohu.com Inc. for the second quarter of 2009 was USD30.9 million.

The company states that it continued to maintain a debt-free balance sheet and a strong cash position of USD546.7 million as of June 30, 2009.

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