Sogou.com recently published its financial report for the second quarter of 2020, stating that its total revenue was USD261.2 million, a year-on-year decrease of 14%; and the company made net losses of USD8.5 million during the reporting period.
In regards to revenue, Sogou's search and search related revenue was USD240.6 million, a year-on-year decrease of 13%; and its other revenue was USD20.6 million, a year-on-year decrease of 25%. However, its artificial intelligence hardware revenue increased by 20% compared with the same period of last year.
During the reporting period, Sogou's research and development expense was USD48.7 million, a year-on-year decrease of 4% and it accounted for 18.6% of its total revenue.
By June 30, 2020, Sogou had USD1.2 billion of cash, cash equivalents and short-term investments.
On July 27, 2020, Sogou received a non-binding acquisition proposal from Tencent which intended to acquire Sogou's remaining shares at the price of USD9 per share. On July 31, 2020, Sogou established a special committee which was formed by independent directors to review the proposal.