• Total Revenues: $136 million, down 3% year-over-year, up 1% quarter-over-quarter.

• Marketing Services Revenues: $14 million, down 15% year-over-year, down 27% quarter-over-quarter.

• Online Game Revenues: $117 million, flat year-over-year, up 7% quarter-over-quarter.

• GAAP Net Income: $182 million, compared to a net loss of $25 million in Q1 2024 and a net loss of $21 million in Q4 2024.

• Non-GAAP Net Loss: $16 million, compared to a net loss of $22 million in Q1 2024 and a net loss of $15 million in Q4 2024.

• Sohu Media Platform Revenues: $70 million, compared to $20 million in the same quarter last year.

• Sohu Media Platform Operating Loss: $70 million, compared to an operating loss of $74 million in the same quarter last year.

• Changyou Revenues: $180 million, compared to $190 million in the same quarter last year.

• Changyou Operating Profit: $55 million, flat with the same quarter last year.

• Share Repurchase Program: 5.5 million ADS repurchased for approximately $67 million as of May 15, 2025.

• Warning! GuruFocus has detected 2 Warning Signs with SOHU.

Release Date: May 19, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Sohu.com Ltd (NASDAQ:SOHU) achieved marketing services revenues and non-GAAP bottom line performance at the high end of previous guidance.

• Online game revenues exceeded expectations, driven by high-quality content updates and improvements.

• The Sohu Media platform successfully engaged more users through unique events, enhancing social interactions and content distribution.

• The company hosted successful events like the Sohu Video influencers Spring Convention and the Sohu News Marathon, boosting platform vitality.

• Sohu.com Ltd (NASDAQ:SOHU) is exploring greater monetization opportunities by leveraging its competitive advantage as a mainstream media platform.

Negative Points

• Total revenues for the first quarter of 2025 were down 3% year-over-year.

• Marketing services revenues decreased by 15% year-over-year and 27% quarter-over-quarter.

• The company reported a non-GAAP net loss of $16 million, despite reversing a tax expense.

• Online game revenues, while exceeding expectations, remained flat year-over-year.

• The economic outlook remains uncertain, impacting advertising momentum and overall market conditions.

Q & A Highlights

Q: Can management comment on the recent trend in advertising sentiments across different categories such as FMCG, IT, auto, food, and electronics? What is the outlook for the second half of the year? A: Charles Zhang, CEO: In this quarter, the auto sector performed better, while IT services and FMCG remained stable. However, luxury goods and alcohol saw a decline in spending. For the second half, we expect similar trends as the economy is still not doing well. We aim to grow our social network platform to capture a larger market share in advertising.