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Sohu Returns to Profit in First Quarter as Online Gaming Revenue Grows

Ding Yi / May 17, 2021 06:44 PM / Business & Tech

Sohu.com, one of China’s oldest internet companies, became profitable in the first quarter of 2021, largely helped by robust growth in online games.

In the three months through March, Beijing-based Sohu logged a non-GAAP net profit of $37 million, compared with a net loss of $8 million in the same period of last year, according to its latest earnings report released on Friday.

The turnaround came as the company’s total revenue grew 24% year-on-year to $222 million, nearly 80% of which came from its online game business that generated revenue of $176 million, representing a year-on-year increase of 32%, the financial report said.

The company mainly attributed the growth in online gaming revenue to Tian Long Ba Bu (TLBB) Vintage, a multiplayer online role-paying game launched in the fourth quarter of 2020.

In April last year, Sohu completed the privatization of Changyou.com, a gaming company which began as a business unit of Sohu in 2003 and was later spun off in a Nasdaq IPO in 2009. After the privatization deal, Changyou’s profit would be wholly attributable to Sohu.

Sohu’s Nasdaq-listed shares closed up 3.16% at $17.63 on Friday after the release of the results.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Bilibili Shares Plummet as Quarterly Loss Balloons on Marketing Binge

 


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