The following is a summary of the Sohu.com Limited (SOHU) Q2 2024 Earnings Call Transcript:
Financial Performance:
Sohu.com reported Q2 2024 total revenues of $172 million, up 13% year-over-year and 24% quarter-over-quarter.
Brand advertising revenues were $20 million, down 17% year-over-year but up 24% quarter-over-quarter.
Online game revenues increased to $147 million, up 24% year-over-year and 25% quarter-over-quarter.
GAAP net loss was $38 million, worsened from $21 million in the same quarter last year.
Business Progress:
Focus on enhancing user experience through innovative features and promoting social interactions among users.
Hosted various offline and online events to stimulate content creation and user engagement.
Launched new and updated versions of games, with plans to continue these launches to keep the player base engaged.
Executed a share repurchase program, acquiring $26 million worth of ADS.
Opportunities:
Continual investment in innovative marketing campaigns and platforms to attract advertising despite overall market challenges.
Plan to expand internationally, and invest in content and technology innovation to enhance core competitiveness in gaming.
Potential rebound in gaming revenue from the newly aligned development strategies for Westward Journey.
Risks:
Declining trend in brand advertising revenues due to cautious advertiser spending in a challenging macroeconomic environment.
Expected decrease in online game revenues in Q3 2024 due to the natural decline of older games and temporary challenges in some new games.
Operationally, high sales and marketing costs are anticipated to continue impacting the profitability.
More details: Sohu.com IR
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