UPDATE: Sohu Posts Q1 Loss
Sohu.com (NASDAQ: SOHU) posted a loss in the first quarter.
Sohu posted a quarterly loss of $79 million, or $2.05 per share, versus a year-ago profit of $23 million. Sohu posted an adjusted loss of $1.26 per share, versus analysts' expectations for a loss of $1.20 per share.
Its total revenue climbed 19% to $365 million, while online advertising surged 51% to $175 million. Analysts were expecting revenue of $365.92 million.
For the current quarter, Sohu expects a loss of $48 million of $52 million on total revenue of $397 million to $411 million.
The company's press release offered the following comment from Dr. Charles Zhang, Chairman and CEO of Sohu.com:
"With the accelerated migration to mobile internet, I am pleased to report that Sohu Group's portfolio of mobile properties is gaining great traction. On the media front, Sohu WAP portal, Sohu News App, as well as Sohu Video App are all growing rapidly. Notably, in the first quarter, mobile video traffic has surpassed PC traffic. For Sogou, not only has our mobile Pinyin continued to pride itself as the third most popular App in China, our mobile search traffic also saw a quarter over quarter growth north of 20%."
Sohu shares fell 2.46% to close at $58.00 on Friday.
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