Sohu loses US$79m on increased expenses
Print Edition
SOHU.COM Inc, which operates one of China’s most popular web portals, yesterday said it lost US$79 million in the latest quarter due to higher expenses as its games and mobile businesses expanded.
The loss for the three months ending on March 31, equal to US$2.05 per share, compared with a US$23 million profit for the same period a year earlier.
The Beijing-based company cited higher promotion and compensation costs as its mobile business and Changyou games unit expanded.
Total revenues for the quarter rose 19 percent to US$365 million. Online advertising rose 51 percent at US$175 million.
Companies such as Sohu that prospered in the desktop computer-based Internet era are rolling out mobile services as Chinese web surfers go online on smartphones and tablet computers.
Sohu operates online media, search, gaming, community and mobile services.
In the first quarter, its mobile video traffic surpassed PC-based traffic, according to Chairman Charles Zhang.
“With the accelerated migration to mobile Internet, I am pleased to report that Sohu Group’s portfolio of mobile properties is gaining great traction,” Zhang said.
Sohu’s mobile search traffic rose 24 percent, said Wang Xiaochuan, chief executive of its Sogou search unit.
For the current quarter, Sohu forecast a loss of between US$48 million and US$52 million.
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