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26.04.2010 09:02
Sohu.com Reports First Quarter 2010 Unaudited Financial Results / Total Revenues Up 12% Year-over-Year to US$129.5 Million, Exceeding the High End of Group Guidance;

BEIJING, April 26 /PRNewswire-Asia/ -- Sohu.com Inc. , China's leading online media, communications, search, online games and wireless value-added services group, today reported unaudited financial results for the first quarter ended March 31, 2010.

(Logo: http://www.newscom.com/cgi-bin/prnh/20100201/CNM013LOGO ) First Quarter 2010 Highlights(1) -- Total revenues were US$129.5 million, up 12% year-over-year, exceeding the high end of the Group's guidance. -- Brand advertising revenues were US$39.5 million, near the high end of the Group's guidance. -- Online game revenues reached a record US$72.1 million, up 17% year-over-year and 2% quarter-on-quarter, within the Group's guidance. -- Before deducting the share of net income pertaining to the Non-Controlling Interest in Changyou, non-GAAP net income for the first quarter of 2010 was US$48.4 million, exceeding the high end of the Group's guidance, up 3% year-over-year and down 4% quarter-on-quarter. -- After deducting the share of net income pertaining to the Non-Controlling Interest in Changyou, non-GAAP net income for the first quarter of 2010 was US$33.8 million, or US 86 cents per fully diluted share, exceeding the high end of the Group's guidance. (1) Explanation of the Group's non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying "Non-GAAP Disclosure" and the "Reconciliation to Unaudited Condensed Consolidated Statements of Operations."

Dr. Charles Zhang, Chairman and CEO of Sohu.com, commented, "We continued to execute our strategies in our portal and online game businesses. We are significantly ramping up our library of exclusive and licensed video content as many of the great media companies in China and around the world partner with us. By combining licensed content with our own in-house produced material, we are able to expand and promote our full offering to a rapidly growing online community. Our online game business also continues to produce encouraging results. Aggregate peak concurrent users surpassed one million for the first time, which clearly shows our growing momentum as we retain existing users and attract new ones. Strategic releases of updates proved to be successful in reinforcing the popularity of our existing games. Meanwhile, we've been focusing on diversifying our game portfolio through greater efforts on developing the differentiated games in our 2010 pipeline."

Commenting on Sohu's brand advertising business, Ms. Belinda Wang, Co-President and COO, added, "Brand advertising revenues were in-line with our expectations and we are optimistic that business will accelerate as advertisers ramp up their promotional campaigns ahead of the World Expo and World Cup. Our nationwide marketing reach and diversified platform position us well as brands look for broad-based and effective advertising solutions in China."

First Quarter Financial Results Revenues

Total revenues for the first quarter ended March 31, 2010 were US$129.5 million, representing a sequential decrease of 5% and an increase of 12% year-over-year.

Brand advertising revenues for the first quarter of 2010 totaled US$39.5 million, representing a sequential decrease of 14% and an increase of 1% year-over-year.

Online game revenues for the first quarter of 2010 were US$72.1 million, representing increases of 2% sequentially and 17% year-over-year.

Wireless revenues for the first quarter of 2010 were US$13.3 million, representing decreases of 15% sequentially and 1% year-over-year.

Gross Margin

Gross margin was 75% in the first quarter of 2010, compared with 75% in the fourth quarter of 2009 and 76% in the first quarter of 2009. Non-GAAP gross margin for the first quarter of 2010 was 75%, compared with 75% in the fourth quarter of 2009 and 76% in the first quarter of 2009.

Brand advertising gross margin for the first quarter of 2010 was 56%, compared with 65% in the fourth quarter of 2009 and 65% in the first quarter of 2009. Non-GAAP brand advertising gross margin for the first quarter of 2010 was 59%, compared with 65% in the fourth quarter of 2009 and 65% in the first quarter of 2009.

Online game gross margin for the first quarter of 2010 was 93%, compared with 92% in the fourth quarter of 2009 and 94% in the first quarter of 2009. Non-GAAP online game gross margin in the first quarter of 2010 was also 93%, compared with 92% in the fourth quarter of 2009 and 94% in the first quarter of 2009.

Wireless gross margin for the first quarter of 2010 was 48%, compared with 44% in the fourth quarter of 2009 and 43% in the first quarter of 2009. Non- GAAP wireless gross margin for the first quarter of 2010 was 48%, compared with 44% in the fourth quarter of 2009 and 43% in the first quarter of 2009.

Operating Expenses

For the first quarter of 2010, Sohu's operating expenses totaled US$48.5 million. Non-GAAP operating expenses totaled US$43.0 million, down 4% sequentially from US$45.0 million and up 19% year-over-year. The year-over-year increase primarily reflects an increase in marketing expenses.

Operating Margin

Operating margin was 37% in the first quarter of 2010, compared with 39% in the fourth quarter of 2009 and 43% in the first quarter of 2009. Non-GAAP operating profit margin was 42% for the first quarter of 2010, compared with 42% in the previous quarter and 45% in the first quarter of 2009.

Income Tax Expense

For the first quarter of 2010, excluding non-cash income tax expense of US$0.5 million recorded for tax benefits from share-based awards, non-GAAP income tax expense was US$7.4 million, compared with US$8.2 million in the previous quarter.

Net Income

Before deducting the share of net income pertaining to the Non-Controlling Interest in Changyou, GAAP net income for the first quarter of 2010 was US$41.3 million, down 3% quarter-over-quarter and 7% year-over-year. Non-GAAP net income for the first quarter of 2010 was US$48.4 million, down 4% quarter-over-quarter and up 3% year-over-year, exceeding the Group's guidance.

After deducting the share of net income pertaining to the Non-Controlling Interest in Changyou, GAAP net income for the first quarter of 2010 was US$27.9 million, or US 73 cents per fully diluted share. Non-GAAP net income for the first quarter of 2010 was US$33.8 million, or US 86 cents per fully diluted share, a decrease of 6% quarter-over-quarter, exceeding the Group's guidance.

Cash Balance

The Company continued to maintain a debt-free balance sheet and a strong cash position of US$599.2 million as of March 31, 2010.
 
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Autor (Datum des Eintrages): R-BgO  (26.04.10 10:25:06)
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