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Sohu.com (SOHU) investor relations material
Sohu.com Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Total revenues for Q2 2025 were $126M, down 27% year-over-year and 7% quarter-over-quarter.
Marketing services revenues met expectations, rising 14% sequentially but falling 21% year-over-year; online game revenues dropped 28% year-over-year and 10% quarter-over-quarter.
GAAP net loss was $20M, improved from $38M loss last year and compared to $182M net income in Q1 2025 (which included a one-time tax benefit).
User engagement initiatives, product enhancements, and differentiated events boosted monetization and brand influence.
Focus on product refinement, social network operations, and user engagement led to increased monetization opportunities.
Financial highlights
Gross margin was 78%, up from 67% in Q2 2024 and 76% in Q1 2025.
Non-GAAP net loss was $20M, compared to $34M loss last year and $16M loss in Q1 2025.
Cash, cash equivalents, short-term investments, and long-term time deposits totaled $1.2B as of June 30, 2025.
Basic and diluted net loss per share/ADS was $0.69 for Q2 2025.
Operating expenses were $120M, down 25% year-over-year and 1% quarter-over-quarter.
Outlook and guidance
Q3 2025 marketing services revenues expected between $14M–$15M, down 20%–25% year-over-year and 4%–10% sequentially.
Online game revenues projected at $107M–$117M, down 8%–16% year-over-year but up 1%–10% sequentially.
Net loss attributable forecasted between $25M–$35M.
Guidance based on an exchange rate of RMB7.15 = $1.00.
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