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Sohu.com (SOHU) investor relations material
Sohu.com Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Nov, 2025
Executive summary
Total revenues reached $180 million in Q3 2025, up 19% year-over-year and 43% quarter-over-quarter, driven by strong online game performance and successful launches, with net income turning positive at $9 million after prior losses.
Online game revenues surged 27% year-over-year and 53% quarter-over-quarter, mainly due to TLBB Return and TLBB Vintage, while marketing services revenues declined.
The Sohu Media platform focused on product optimization, premium content, and user engagement through events and original IP, supporting platform vitality.
Financial highlights
Online game revenues were $162 million, up 27% year-over-year and 53% quarter-over-quarter.
Marketing services revenues were $14 million, down 27% year-over-year and 13% quarter-over-quarter.
GAAP and non-GAAP net income was $9 million, compared to net losses of $16 million and $12 million, respectively, in Q3 2024.
GAAP and non-GAAP gross margin improved to 81%, up from 74% a year ago and 78% last quarter.
Cash, cash equivalents, short-term investments, and long-term time deposits totaled $1.2 billion as of September 30, 2025.
Outlook and guidance
Q4 2025 marketing services revenues expected between $15–16 million, an annual decrease of 15–20% but a sequential increase of 10–18%.
Online game revenues expected between $113–130 million, an annual increase of 3–12% but a sequential decrease of 24–30%.
Both GAAP and non-GAAP net loss forecasted between $25–35 million for Q4 2025.
Explain Q4 online game revenue sequential drop
What drives the Q4 net loss guidance?
Mobile game decline strategy?
Progress on diversifying game types and global markets
Impact of unique ad solutions on macro ad decline?
Quantify AI's productivity gains in gaming
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Q4 202513 Feb, 2026
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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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