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Sohu.com Shows Increased Total Revenue, Decreased Brand Advertising And Wireless Revenue In China

Chinese online media company Sohu.com Inc.’s revenues rose 12% year-on-year in the last quarter, according to its newly-reported unaudited financial results for the fourth quarter and fiscal year ended December 31, 2009.

Total revenues for Sohu.com and its businesses were USD135.8 million, up 12% year-over-year. For the entire fiscal year of 2009, revenues reached USD515.2 million, up 20% compared to 2008.

Dr. Charles Zhang, chairman and CEO of Sohu, stated: “We are pleased to report another quarter of solid financial results built on the accomplishments of an exceptional year which saw us deliver record results along with an enormously successful listing of our MMORPG subsidiary Changyou. Effective business strategies and high-quality products have allowed Sohu to overcome the sluggish economy of 2009 and gain market share in many of our key business segments.

Brand advertising revenues for the fourth quarter of 2009 totaled USD45.9 million, representing a sequential decrease of 5% and an increase of 2% year-over-year. Gross brand advertising revenues before business tax for the fourth quarter were USD50.2 million. Online game revenues for the fourth quarter of 2009 were USD70.7 million, representing increases of 3% sequentially and 21% year-over-year. Wireless revenues for the fourth quarter of 2009 were USD15.7 million, representing a decrease of 7% sequentially and an increase of 6% year-over-year. The quarter-over-quarter decrease was mainly attributable to China Mobile discontinuing the billing for WAP services in late November.

Before deducting the share of net income pertaining to the non-controlling interest in Changyou, GAAP net income for the fourth quarter of 2009 was USD42.4 million, down 10% quarter-over-quarter and 25% year-over-year. After deducting the share of net income pertaining to the non-controlling interest in Changyou, GAAP net income attributable to Sohu for the fourth quarter of 2009 was USD29.4 million, or USD0.76 per fully diluted share. Non-GAAP net income attributable to Sohu for the fourth quarter of 2009 was USD35.8 million, or USD0.92 per fully diluted share, a decrease of 4% quarter-over-quarter.

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