Sohu.com Limited (SOHU), a Chinese online media, video, and game business group, on Tuesday posted a decline in net income for the fourth quarter, particularly reflecting a fall in brand advertising and online game revenues.
For the quarter ended on December 31, 2021, the internet company reported net income and adjusted earnings at $3.58 million and $0.20 million, respectively, compared with $46.58 million and $52.67 million, reported for the same period, last year.
The Chinese firm reported GAAP and non-GAAP earnings per ADS at $0.09 and $0.01, respectively, compared with $1.10 and $1.27, reported for the last quarter of previous year.
Operating loss for the three-month period was $2.90 million, compared with an operating profit of $67 million, reported for the three-month period to December 2020.
For the last three-month period of 2020, the Beijing-headquartered firm's total operating expenses recorded an increase by eight percent, to $144 million, on year-on-year basis.
Income before income tax expense was moved down to $12.28 million, from $67.99 million, reported for the last three-month period of the previous year.
Amidst Covid-19 induced market headwinds, the company recorded a fall in its total revenue by 24 percent for the quarter, to $193 million, on year-on-year basis.
On segmental basis, for the final quarter of the last fiscal, brand advertising revenue was moved down by 20 percent, to $34 million, compared with a year ago period. The decrease was mainly due to decreases in portal advertising revenues.
Online game revenues were $144 million, down 27 percent, as a result of the natural decline of TLBB Vintage, which was launched during the fourth quarter of 2020.
For the first quarter Sohu.com expects its loss, excluding items, to be in the range of $10 million - $20 million. It also projects its net loss to be in the range of $13 million - $23 million.
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