On November 13th, Sohu Company released its financial report for the third quarter of 2023. According to the financial report, Sohu's total revenue in the third quarter was $145 million, including $22 million in brand advertising revenue and $117 million in online gaming revenue. Meanwhile, Sohu announced a two-year stock repurchase plan with a total amount of up to $80 million.
Zhang Chaoyang, founder, chairman of the board of directors and CEO of Sohu, said, "In the third quarter of 2023, we will continue to optimize our products and improve operational efficiency. Based on this, our revenue and net profit for this quarter are in line with previous expectations
According to the financial report, in the third quarter of 2023, the non US GAAP net loss attributable to Sohu was $10 million, compared to a net loss of $17 million in the same period last year, which was significantly narrowed year-on-year.
From an overall business perspective, In terms of Sohu Media, we continuously improve our products and enhance the user experience. In terms of Sohu Video, under the 'dual engine' strategy, we focus on the production and distribution of attractive short video content and live streaming. This helps us further increase user stickiness and social interaction. At the same time, thanks to our unique content marketing activities and differentiated competitive advantages, we continue to explore diversified commercialization opportunities In terms of online games, we continuously introduce new content and operational activities, and game revenue remains stable Zhang Chaoyang said.
The financial report also stated that Sohu's board of directors approved a two-year American depositary stock repurchase plan with a total amount of up to $80 million on November 11, 2023. The management will conduct the repurchase in the open market at market prices and plan to use existing funds for this repurchase.