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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.
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Q2 2025 earnings summary4 Aug, 2025

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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Frequently asked questions

Sohu.com Limited provides online media, search, and game services on PCs and mobile devices in the People's Republic of China. The company operates Sohu.com, a Chinese language Web portal, which offers news and information content; online video content that allows users to view television dramas and other video clips; and Internet search services consisting of advertising-supported services on PC. It also operates 17173.com that provides online games; Sogou.com search engine; Developer Platform platform; Sohu News APP mobile application on iOS platform; and m.sohu.com mobile portal site with an array of information content categories, including news, stock market quotations, blogs, images, videos, audio programs and games.

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