Shenzhen Business Daily · Creative App Reporter Chen Shu
On August 5, 2024, Sohu Corporation released its financial report for the second quarter of 2024. According to the financial report, Sohu's total revenue in the second quarter was $172 million, an increase of 13% compared to the same period in 2023 and a growth of 24% compared to the previous quarter.
In the second quarter of 2024, our brand advertising revenue reached the previously expected high line, our online gaming revenue exceeded expectations, and our net profit met previous expectations, "said Zhang Chaoyang, founder, chairman, and CEO of Sohu
According to the financial report, Sohu's total revenue for the second quarter of 2024 was $172 million. Among them, the brand advertising revenue was 20 million US dollars, an increase of 24% compared to the previous quarter; Online gaming revenue was $147 million, a 25% increase from the previous quarter. The non GAAP net loss attributable to Sohu Corporation was $34 million, and the company has increased its forward-looking investments in expanding platform scale and user acquisition.
Overall, in terms of Sohu Media and Sohu Video, relying on our increasingly optimized and interconnected product matrix, we have further promoted the generation and consumption of high-quality content, effectively enhancing social interaction among users. Thanks to our differentiated projects and marketing activities, we have continuously strengthened our brand influence and explored diversified commercialization opportunities. Our online gaming business has performed well, with revenue exceeding previous expectations, "said Zhang Chaoyang.
At the same time, according to Sohu's previously announced US depositary stock repurchase plan with a total amount of up to $150 million, as of August 1, 2024, Sohu has repurchased 2347332 shares of Sohu's American depositary stock, with a total amount of approximately $26 million.