Sohu's Q3 performance rose nearly 16% after the announcement of a $80 million share buyback plan.
Sohu's shares rose all the way after the opening on November 14, rising nearly 25% in intraday trading and closing up 15.9% at $10.13.
On November 13, Sohu released his financial report for the third quarter of 2023. According to the financial report, Sohu's total revenue in the third quarter was $145 million, of which brand advertising revenue was $22 million and online game revenue was $117 million. The net loss of non-American accounting standards attributed to Sohu was $10 million, compared with a net loss of $17 million in the same period last year, which narrowed sharply compared with the same period last year.
At the same time, Sohu also announced a two-year share buyback plan with a total amount of up to 80 million US dollars. Zhang Chaoyang, founder, chairman and CEO of Sohu, said, "the buyback plan highlights our continued confidence in the company's long-term growth prospects and our continued commitment to increasing shareholder value."
Zhang Chaoyang said that Sohu continued to optimize products and improve operational efficiency in the third quarter. Based on this, this quarter's revenue and net profit are in line with previous expectations.
"in terms of Sohu media, we continue to improve our products and enhance the user experience. Sohu Video, under the 'dual-engine' strategy, we focus on the production and distribution of fascinating short video content and live streaming. This helps us to further increase user stickiness and social interaction." "at the same time, thanks to unique content marketing activities and differentiated competitive advantages, we continue to explore diversified commercial opportunities," Zhang said. in terms of online games, we continue to launch new content and operational activities, and game revenue remains stable. "
