Sohu's Q4 profit falls 25% on fewer ads
By Ding Yining |
February 2, 2010, Tuesday
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Print Edition
Print Edition
SOHU.COM Inc reported a 25 percent annual fall in its fourth-quarter net income last year due to a drop in online advertising revenue.
Net profit in the quarter fell to US$42.4 million from US$56.6 million a year earlier, the Chinese company said in a statement yesterday.
Revenue in the period was US$135.8 million, a 12 percent rise from the same period a year ago but it was 1 percent lower compared to the third quarter in 2009.
Online advertising contributed US$45.9 million, a 5 percent drop from the third quarter, and income from online games jumped 21 percent annually to US$70.7 million.
"We'll continue to contribute to our portal business and online game sector, and our efforts in online videos are expected to attract more users and advertising revenue this year," said Charles Zhang, chairman and CEO of Sohu.
The portal's full-year revenue rose 20 percent from 2008 to US$515.2 million. Profit climbed 11 percent from a year earlier to US$176.4 million.
The company forecasts profit in the first quarter this year at between US$45 million and US$47.5 million.
In late December, Sohu set up a fund with Ku6.com, a wholly owned subsidy of Shanda Entertainment, to buy licenses to screen movies and television shows.
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