Financial Performance and Key Metrics - In Q1 2023, total revenue was $162 million, down 16% year-over-year but up 1% quarter-over-quarter [7] - Brand advertising revenue was $23 million, down 5% year-over-year and 22% quarter-over-quarter [7] - Online game revenues were $129 million, down 18% year-over-year but up 7% quarter-over-quarter [7] - GAAP net loss attributable to Sohu.com Limited was $80 million, compared to a net income of $3 million in Q1 2022 [8] - Non-GAAP net loss was $13 million, compared to a net income of $9 million in the same quarter last year [8] Business Line Performance - Sohu Media Portal revenues were $18 million, unchanged from the same quarter last year, with an operating loss of $35 million [14] - Sohu Video revenues were $30 million, down from $50 million in the same quarter last year, with an operating loss of $32 million [14] - Changyou's online game business revenues were $131 million, down from $160 million in the same quarter last year, with an operating profit of $55 million [14] Market Data and Key Metrics - The advertising industry outlook for 2023 shows top categories as auto (25%), FMCG (15%), and internet service (15%) [18] - The advertising market is expected to recover moderately, with small-ticket items showing signs of recovery [19][25] Company Strategy and Industry Competition - The company is focusing on enhancing user experience and operational efficiency through product and algorithm refinements [6] - Sohu Video is developing both long-form and short-form original content under a Twin Engine strategy, consolidating resources for diverse monetization opportunities [6][10] - The online game business aims to maintain stability while introducing new games and updates to engage players [13][21] Management Comments on Operating Environment and Future Outlook - Management noted that the advertising market is showing signs of recovery, particularly in small-ticket items, while large-ticket items remain weak [19][25] - The company anticipates a potential recovery in the auto industry advertising in Q3 due to increased competition, especially in the electric vehicle sector [18][26] - For the gaming segment, the company expects a sequential bounce in Q3 following the launch of new games [24][28] Other Important Information - The company expects brand advertising revenues for Q2 2023 to be between $23 million and $26 million, and online game revenues to be between $112 million and $122 million [15] - Non-GAAP net loss for Q2 is expected to be between $15 million and $25 million, while GAAP net loss is projected to be between $80 million and $28 million [15] Q&A Session Summary Question: Advertising industry outlook and spending budget among various sectors - Management indicated that the auto industry is expected to recover in Q2 or Q3, while FMCG shows some recovery in small items [18][19] Question: Online game outlook and game pipelines for 2023 - Management confirmed the release of new TLBB Mobile in Q3 and other projects pending license approval [20][21] Question: Overall advertising sentiment and potential for big-ticket item spending - Management noted that while big-ticket items remain weak, there is potential for recovery in small-ticket items and FMCG [25][26] Question: Guidance for gaming in Q2 and expectations for Q3 - Management acknowledged a weaker guidance for Q2 due to fewer promotions but expects a meaningful bounce in Q3 with new game launches [24][28]

Exhibit 99.1 SOHU.COM REPORTS FIRST QUARTER 2023 UNAUDITED FINANCIAL RESULTS BEIJING, May 15, 2023 –Sohu.com Limited (NASDAQ: SOHU) ("Sohu" or the "Company"), a leading Chinese online media, video, and game business group, today reported unaudited financial results for the first quarter ended March 31, 2023. First Quarter Highlights • Total revenues were US$162 million, down 16% year-over-year and up 1% quarter-over-quarter. • Brand advertising revenues were US$23 million, down 5% year-over-year and 22% qua ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

Financial Performance - Total revenues for Q4 2022 were $160 million, down 17% year-over-year and 13% quarter-over-quarter [7] - Brand advertising revenues were $29 million, down 14% year-over-year but up 12% quarter-over-quarter [8] - Online game revenues were $121 million, down 16% year-over-year and 18% quarter-over-quarter [8] - GAAP net loss attributable to Sohu.com Limited was $7 million, compared to a net income of $4 million in Q4 2021 [8] - For the full year 2022, total revenues were $734 million, down 12% compared to 2021 [9] Business Segment Performance - Sohu Media Portal revenues for Q4 were $16 million, down 16% year-over-year and up 9% quarter-over-quarter, with an operating loss of $32 million [15] - Sohu Video revenues for Q4 were $16 million, down 28% year-over-year and up 1% quarter-over-quarter, with an operating loss of $21 million [16] - Changyou's online game revenues for Q4 were $122 million, down 16% year-over-year and 18% quarter-over-quarter, with an operating profit of $54 million [16] Market Insights - The overall advertising market outlook for 2023 is optimistic, with companies beginning to spend on marketing again [20] - The automotive and FMCG sectors are expected to lead in advertising spending recovery [20] Company Strategy and Industry Competition - The company plans to continue investing in product refinement and user acquisition to enhance stickiness and user engagement [21] - There is a focus on AI technology and adapting algorithms for better content delivery [22] - The company aims to launch new games, including TLBB, in Q3 2023, while also considering share buybacks [24] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the advertising market recovering post-COVID, with expectations of increased spending in 2023 [20] - The first quarter of 2023 is expected to show improvement, although it remains a slow season [29] Other Important Information - Non-GAAP net loss for Q4 2022 was $2 million, compared to a net income of $0.2 million in Q4 2021 [8] - The company anticipates brand advertising revenues for Q1 2023 to be between $20 million and $23 million, indicating a potential annual decrease [17] Q&A Session Summary Question: Overall advertising industry outlook in 2023 - Management sees an optimistic outlook for the advertising market in 2023, with increased spending expected from companies [20] Question: Use of cash and investment strategies - The company plans to invest in product refinement and user acquisition, particularly in Sohu Video and Sohu Media Portal [21] Question: Launch timing for new games and potential share buybacks - New TLBB is planned for launch in Q3 2023, and share buybacks are a possibility [24] Question: Drivers for sequential improvement in gaming business - Promotional activities around Chinese New Year are expected to drive engagement and revenue in the gaming segment [28] Question: Advertising business guidance and year-over-year growth - The first quarter of 2023 is expected to show a decrease in advertising revenue year-over-year, but management is optimistic about recovery in Q2 [29]

Exhibit 99.1 SOHU.COM REPORTS FOURTH QUARTER AND FISCAL YEAR 2022 UNAUDITED FINANCIAL RESULTS BEIJING, February 21, 2023 –Sohu.com Limited (NASDAQ: SOHU) ("Sohu" or the "Company"), China's leading online media, video, and game business group, today reported unaudited financial results for the fourth quarter and fiscal year ended December 31, 2022. Fourth Quarter Highlights • Total revenues were US$160 million, down 17% year-over-year and 13% quarter-over-quarter. • Brand advertising revenues were US$29 mill ...

Financial Performance and Key Metrics - For Q3 2022, total revenue was $185 million, down 14% year-over-year and 5% quarter-over-quarter [8] - Brand advertising revenue was $26 million, down 24% year-over-year and up 3% quarter-over-quarter [8] - Online game revenues were $149 million, down 11% year-over-year and 5% quarter-over-quarter [8] - GAAP net loss attributable to Sohu.com Limited was $22 million compared to a net income of $12 million in Q3 2021 [9] - Non-GAAP net loss attributable to Sohu.com Limited was $17 million compared to a net income of $17 million in Q3 2021 [9] Business Line Performance - Sohu Media Portal revenues were $50 million, down 11% year-over-year and 6% quarter-over-quarter, with an operating loss of $38 million [13] - Sohu Video revenues were $60 million, down 29% year-over-year and up 4% quarter-over-quarter, with an operating loss of $31 million [13] - Changyou's online game business revenues were $150 million, down 11% year-over-year and 6% quarter-over-quarter, with an operating profit of $58 million [14] Market Data and Key Metrics - The advertising market is experiencing a downward trend, with auto advertising performing relatively better while real estate is struggling [17] - FMCG showed improvement in Q3 compared to previous quarters [17] Company Strategy and Industry Competition - The company is focusing on refining products, improving operating efficiency, and enhancing monetization capabilities despite macroeconomic uncertainties [6] - Sohu is executing a Twin Engine strategy for Sohu Video, leveraging advanced live broadcasting technology and premium content [10] Management Comments on Operating Environment and Future Outlook - Management noted that the advertising market is facing challenges due to COVID-19 and macroeconomic conditions, impacting brand advertising income [22] - There is cautious optimism regarding advertising recovery, dependent on overall economic conditions and COVID-19 policies [29] Other Important Information - The company expects brand advertising revenues for Q4 2022 to be between $25 million and $28 million, indicating a potential annual decrease of 17% to 26% [14] - Online game revenues for Q4 2022 are expected to be between $118 million and $128 million, reflecting an annual decrease of 11% to 18% [14] Q&A Session Summary Question: Advertising trends across different categories and outlook for 2023 - Management indicated that the advertising market is generally declining, with auto performing better and real estate struggling [17] Question: Gaming business and approval trends in China - Management confirmed that several projects are awaiting license approval, with over 10 games in the pipeline [18] Question: Near-term advertising trends and impact of lockdowns - Management acknowledged that lockdowns negatively impacted advertising income, but unique online events helped recover some advertising dollars [22][23] Question: Use of cash and potential for share buybacks - Management is cautious about further buybacks due to economic uncertainties but remains open to future opportunities [24][30] Question: Soft gaming guidance for Q4 - Management explained that the decline is due to natural declines in some games and the impact of exchange rates [27]

[Sohu.com Q3 2022 Financial Results](index=1&type=section&id=Sohu.com%20Q3%202022%20Financial%20Results) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported a year-over-year revenue decline to $185 million and a shift to a GAAP net loss of $22 million Q3 2022 Key Financial Metrics | Metric | Q3 2022 (US$) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Total Revenues | $185 million | -14% | -5% | | Brand Advertising Revenues | $26 million | -24% | +3% | | Online Game Revenues | $149 million | -11% | -5% | | GAAP Net Loss | $22 million | vs. $12M Income | vs. $9M Income | | Non-GAAP Net Loss | $17 million | vs. $17M Income | vs. $12M Income | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management cited macroeconomic headwinds but noted better-than-expected bottom-line results due to cost controls - The company faced severe headwinds from the **COVID-19 pandemic and macroeconomic uncertainties** during the quarter[3](index=3&type=chunk) - Bottom-line performance was **better than expected**, attributed to strict budget controls and strong results from the online game business[3](index=3&type=chunk) - Strategic focus remains on product improvements and executing the **"Twin Engine" strategy** for Sohu Video[3](index=3&type=chunk) [Consolidated Financial Results](index=1&type=section&id=Consolidated%20Financial%20Results) Consolidated results show declining revenue and gross margin, leading to an operating loss of $18 million [Revenues](index=1&type=section&id=Revenues) Total revenues fell 14% year-over-year to $185 million, driven by declines in both advertising and online games Revenue Breakdown (Q3 2022) | Revenue Stream | Amount (US$) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Total Revenues | $185 million | -14% | -5% | | Brand Advertising | $26 million | -24% | +3% | | Online Games | $149 million | -11% | -5% | - The year-over-year decrease in online game revenues was mainly attributed to the natural decline of *Little Raccoon: Heroes*[4](index=4&type=chunk) [Gross Margin](index=1&type=section&id=Gross%20Margin) Overall gross margin decreased to 71%, impacted by a significant drop in brand advertising profitability Gross Margin Analysis | Metric | Q3 2022 | Q3 2021 | Q2 2022 | | :--- | :--- | :--- | :--- | | Overall Gross Margin | 71% | 74% | 73% | | Brand Advertising Gross Margin | 2% | 29% | 4% | | Online Games Gross Margin | 84% | 83% | 84% | [Operating Expenses and Profit/Loss](index=2&type=section&id=Operating%20Expenses%20and%20Profit%2FLoss) Increased marketing spend drove operating expenses up 11% YoY, resulting in a GAAP operating loss of $18 million - GAAP operating expenses **increased 11% YoY** and 14% QoQ to $150 million, mainly due to higher marketing expenses[7](index=7&type=chunk) Operating Profit/(Loss) Comparison | Metric | Q3 2022 (US$) | Q3 2021 (US$) | Q2 2022 (US$) | | :--- | :--- | :--- | :--- | | GAAP Operating Loss | ($18 million) | $25 million (Profit) | $10 million (Profit) | | Non-GAAP Operating Loss | ($17 million) | $28 million (Profit) | $11 million (Profit) | [Net Income/Loss and Liquidity](index=2&type=section&id=Net%20Income%2FLoss%20and%20Liquidity) The company reported a GAAP net loss of $22 million but maintained a strong liquidity position of $1.39 billion Net Income/(Loss) Comparison | Metric | Q3 2022 (US$) | Q3 2021 (US$) | Q2 2022 (US$) | | :--- | :--- | :--- | :--- | | GAAP Net Loss | ($22 million) | $12 million (Income) | $9 million (Income) | | Non-GAAP Net Loss | ($17 million) | $17 million (Income) | $12 million (Income) | | GAAP Net Loss per ADS | ($0.63) | - | - | - As of September 30, 2022, cash and cash equivalents, short-term investments, and long-term time deposits totaled approximately **US$1.39 billion**[10](index=10&type=chunk) [Segment Performance: Changyou](index=2&type=section&id=Supplementary%20Information%20for%20Changyou%20Results) The Changyou segment's revenue declined 11% YoY to $150 million due to lower mobile game activity [Operating Metrics](index=2&type=section&id=Operating%20Results) PC game user metrics grew year-over-year, while mobile game metrics declined sharply despite a sequential increase Changyou Operating Metrics (Q3 2022) | Game Type | Metric | Value | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | :--- | | PC Games | MAU | 2.1 million | +6% | -6% | | PC Games | APA | 1.0 million | +4% | +3% | | Mobile Games | MAU | 2.5 million | -45% | +25% | | Mobile Games | APA | 0.6 million | -44% | +27% | - The quarter-over-quarter increases in mobile game MAU and APA were primarily driven by the launch of *Sea of Dawn*[11](index=11&type=chunk) [Financial Results](index=3&type=section&id=Unaudited%20Financial%20Results) Changyou's revenue fell 11% YoY, and higher marketing costs led to a 26% drop in GAAP operating profit Changyou Financials (Q3 2022) | Metric | Amount (US$) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Total Revenues | $150 million | -11% | -6% | | GAAP Operating Profit | $57 million | -26% | -32% | | Non-GAAP Operating Profit | $58 million | -27% | -32% | - The increase in operating expenses was mainly due to a rise in **marketing and promotional spending** for online games[13](index=13&type=chunk) [Business Outlook](index=3&type=section&id=Business%20Outlook) The company projects continued revenue declines and a net loss for the fourth quarter of 2022 Q4 2022 Guidance | Metric | Guidance Range (US$) | Implied YoY Change | | :--- | :--- | :--- | | Brand Advertising Revenues | $25M - $28M | -17% to -26% | | Online Game Revenues | $118M - $128M | -11% to -18% | | Non-GAAP Net Loss | ($10M) - ($20M) | N/A | | GAAP Net Loss | ($13M) - ($23M) | N/A | - This forecast is subject to substantial uncertainty, particularly regarding the potential ongoing impact of the **COVID-19 pandemic**[15](index=15&type=chunk) [Appendix](index=3&type=section&id=Appendix) This section includes financial statements, non-GAAP reconciliations, and key risk disclosures [Financial Statements](index=6&type=section&id=Financial%20Statements) The statements detail the quarterly net loss and the company's financial position as of September 30, 2022 - The Condensed Consolidated Statement of Operations details the components leading to the **Q3 2022 GAAP net loss of $21.6 million**[24](index=24&type=chunk)[25](index=25&type=chunk) - The Condensed Consolidated Balance Sheet shows **total assets of $1.95 billion** and total liabilities of $849.5 million as of September 30, 2022[26](index=26&type=chunk) [Non-GAAP Reconciliation](index=3&type=section&id=Non-GAAP%20Reconciliation) This section details adjustments for items like share-based compensation to reconcile GAAP and non-GAAP measures - Management uses non-GAAP measures that exclude share-based compensation expense, changes in fair value of certain equity investments, and interest expense from the U.S. TCJA Toll Charge[16](index=16&type=chunk) - The reconciliation table shows that for Q3 2022, a **GAAP net loss of $21.6 million** was adjusted by $4.2 million to arrive at a **non-GAAP net loss of $17.4 million**[28](index=28&type=chunk) [Notes and Disclosures](index=4&type=section&id=Notes%20and%20Disclosures) This section outlines forward-looking statements and significant business risks, including regulatory uncertainties - The Safe Harbor Statement highlights potential risks including the Chinese economy, regulatory landscape, and the possibility of **ADS trading prohibition on Nasdaq** under the U.S. Holding Foreign Companies Accountable Act[20](index=20&type=chunk)

Financial Performance and Key Metrics - In Q2 2022, total revenues were $195 million, down 5% year-over-year and up 1% quarter-over-quarter [7] - Brand advertising revenues were $25 million, down 32% year-over-year and up 5% quarter-over-quarter [8] - Online game revenues reached $157 million, up 4% year-over-year and flat quarter-over-quarter [8] - GAAP net income attributable to Sohu.com Limited was $9 million, compared to $22 million in Q2 2021 [8] - Non-GAAP net income attributable to Sohu.com Limited was $12 million, down from $25 million in Q2 2021 [8] Business Line Performance - Sohu Media Portal revenues were $16 million, down 27% year-over-year and up 13% quarter-over-quarter, with an operating loss of $43 million [13] - Sohu Video revenues were $16 million, down 31% year-over-year and up 7% quarter-over-quarter, with an operating loss of $25 million [13] - Changyou's online game business revenues were $159 million, up 3% year-over-year and flat quarter-over-quarter, with an operating profit of $85 million [13] Market Data and Key Metrics - The company expects brand advertising revenues in Q3 2022 to be between $25 million and $28 million, implying a year-over-year decrease of 17% to 26% [14] - Online game revenues are expected to be between $138 million and $148 million, implying a year-over-year decrease of 11% to 17% [14] Company Strategy and Industry Competition - The company is focusing on refining products and technology while exploring monetization opportunities [6] - Sohu is enhancing its media portal and video content to reinforce its competitiveness as a mainstream media platform [6][10] - The gaming strategy includes promoting innovation and expanding into multiple genres, while maintaining core MMORPG competitiveness [12] Management Comments on Operating Environment and Future Outlook - Management noted that COVID-19 and related measures disrupted economic activity but they adapted by refining products and exploring monetization [6] - There is cautious optimism regarding advertising recovery as lockdowns are lifted, with some uptick in advertiser activity noted in June and July [17][27] - The company anticipates a larger net loss in Q3 due to increased marketing expenses for new games and promotional activities [22][32] Other Important Information - The company has completed $90 million in share buybacks and has been consistently cutting costs over the past few years [31][32] - Management expressed a preference for organic growth over acquisitions, focusing on enhancing current products and marketing efforts [34] Q&A Session Summary Question: Advertising guidance for Q3 and trends in July - Management indicated that advertising performance depends on the COVID-19 situation and noted some recovery in July [17] Question: Gaming business performance and macro uncertainties - Management acknowledged a natural decline in gaming revenue guidance for Q3 due to the previous quarter's performance [20] Question: Reasons for expected net loss in Q3 - Increased marketing expenses for new games and promotional activities were cited as primary reasons for the anticipated larger net loss [22][32] Question: Share buyback and cost optimization efforts - Management confirmed completion of $90 million in share buybacks and stated that they do not require significant cost optimization compared to peers [31][32] Question: Opportunities for acquisitions given current market conditions - Management expressed a focus on organic growth and enhancing existing products rather than pursuing acquisitions [34]

Sohu.com Ltd. (NASDAQ:SOHU) Q1 2022 Results Conference Call May 16, 2022 7:30 AM ET Company Participants Huang Pu - IR Director Dr. Charles Zhang - Chairman and CEO Joanna Lv - CFO Dewen Chen - CEO, Changyou Conference Call Participants Thomas Chong - Jefferies Eddie Leung - Bank of America Alicia Yap - Citigroup Operator Ladies and gentlemen, thank you for standing by, and good evening. Thank you for joining Sohu’s First Quarter 2022 Earnings Conference Call. [Operator Instructions] Today’s conference call ...