Source: Xinhua
05-05-2009 12:14
Special Report: Tech MaxBEIJING, May 4 (Xinhua) -- Sohu.com, China's leading Internet media company, announced Monday that its net profit surged to 44.60 million U.S. dollars in the first quarter, from 21.60 million U.S. dollars during the same period last year.
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| The profit hike is largely attributed to Changyou.com Limited, the online games unit of Sohu.(File photo) |
The profit hike is largely attributed to Changyou.com Limited, the online games unit of Sohu, whose net profit in the first three months increased 120 percent year on year to 33.50 million U.S. dollars. It was also 15 percent up from the fourth quarter 2008 figure.
Zhang Chaoyang, Sohu Chief Executive, said the online game business was more resilient amid the economic downturn, which helped offset the negative impact the crisis had on portal business.
However, Sohu's net profit was down 21.2 percent from 56.6 million U.S. dollars in the fourth quarter last year.
Total revenue rose 36 percent year on year to 115.7 million U.S. dollars. But it slid 5 percent compared with the fourth quarter last year, dragged down by a 13 percent month-on-month decline in revenue of online advertising in the first quarter.
Sohu forecasts 121 million to 125 million U.S. dollars in revenue and 31 million to 33 million U.S. dollars in net profit during the second quarter.
Changyou began trading on Nasdaq on April 2, with an initial public offering at 128 million U.S. dollars. Now, Sohu takes a 68.5 percent stake in the company.
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Editor:Yang Jie
