Chinese Stocks Rally on Youku, Sohu.com Earnings
Chinese stocks were rallying Monday after earnings from Youku (NASDAQ: YOKU), Sohu.com (NASDAQ: SOHU) and Changyou.com (NASDAQ: CYOU). All three stocks were trading strongly higher for the day, along with Sina (NASDAQ: SINA), Baidu.com (NASDAQ: BIDU), Perfect World (NASDAQ: PWRD), and E Commerce China Dangdang (NASDAQ: DANG).
Youku reported non-GAAP net income of $4.6 million compared to a loss of $3.3 million in the year ago quarter. Revenues were $61.0 million, a 96 percent increase over the prior year period. Shares of the company were trading up 9 percent to $17.82 in the early going on Monday.
Changyou.com reported second-quarter net income of $69.06 or $1.29 per ADS, compared to $60.84 million or $1.14 per ADS, in the year ago period. Revenues were $147.34 million compared to $113.32 million last year. Changyou shares traded up more than 15 percent in early trade.
Sohu.com reported net income of $12.78 million or $0.28 per share compared to $44.27 million or $1.10 per share for last year's corresponding quarter. Revenues were $255.73 million versus $198.71 million last year. In the wake of the earnings report, Sohu.com was up more than 13 percent in early trade.
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