Reporter Xu Jie from this newspaper
On March 4, 2024, Sohu Corporation released its financial reports for the fourth quarter and fiscal year of 2023. According to the financial report, Sohu's total revenue for the fourth quarter of 2023 was $141 million, and its total revenue for the entire year of 2023 was $601 million. At the same time, the board of directors of Sohu announced an increase in the amount of its stock repurchase plan, from a maximum of $80 million to a maximum of $150 million.
"In the fourth quarter and full year of 2023, while our advertising budget remained cautious, we continued to improve operational efficiency and strictly control costs. Based on this, our net profit reached the high line previously expected in the fourth quarter of 2023," said Zhang Chaoyang, founder, chairman of the board of directors, and CEO of Sohu
The financial report shows that in the fourth quarter of 2023, brand advertising revenue was $20 million, and online gaming revenue was $115 million. In 2023, brand advertising revenue was $89 million and online gaming revenue was $480 million.
Overall, in terms of business, "Sohu Media continuously optimizes its products, enhances its technology, and expands its high-quality content, further optimizing the user experience. In terms of Sohu Video, we continue to exert our 'dual engine' strategy, continuously producing attractive short and short video content. While vigorously developing short video content socialization, we are also committed to scientific live streaming and other live streaming activities. These activities further promote user social interaction and user stickiness on the Sohu platform. At the same time, we continuously integrate advantageous resources and use our unique IP to organize various content marketing activities, actively exploring diversified business opportunities. Finally, the online gaming business remains stable, and revenue meets our previous expectations." Zhang Chaoyang said.
At the same time, Sohu's board of directors approved an additional amount for the previously announced American Depositary Stock Repurchase Program on March 2, 2024, increasing the total amount from a maximum of $80 million to a maximum of $150 million. It was announced earlier that the stock repurchase plan will begin on November 11, 2023, for a period of 2 years. As of February 29, 2024, Sohu has repurchased 1276457 Sohu American Depositary Shares for a total amount of approximately $12 million.