Financial Performance and Key Metrics - For Q2 2025, total revenues were $126 million, down 27% year over year and 7% quarter over quarter [7] - Marketing services revenues were $16 million, down 21% year over year but up 14% quarter over quarter [7] - Online game revenues were $106 million, down 28% year over year and 10% quarter over quarter [7] - GAAP net loss attributable to Silver dot com Limited was $20 million, compared to a net loss of $38 million in Q2 2024 [8] - Non-GAAP net loss attributable to total.com Limited was $20 million, compared to a net loss of $34 million in the same quarter last year [8] Business Line Performance - Sohu Media Platform revenues for the quarter were $19 million, down from $24 million in the same quarter last year, with an operating loss of $69 million [17] - Changyou's quarterly revenues were $107 million, down from $148 million in the same quarter last year, but with an operating profit of $51 million compared to $32 million last year [18] Market Data and Key Metrics - The largest sector for advertising remains the auto sector, followed by FMCG and IT services, with the auto sector stabilizing amid a price war [25] - The new energy vehicle market share is expanding, while luxury cars and joint ventures are shrinking [25] Company Strategy and Industry Competition - The company is focusing on refining products and enhancing operations across its social media platforms to improve user engagement and monetization opportunities [6] - The online game business strategy includes launching expansion packs and diversifying into multiple game types, including card-based RPGs and casual games [14] - The company is actively exploring opportunities to unlock the potential of its TLBB IP while building a user base in a competitive market [14] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic situation is challenging, affecting advertising sentiment and leading to cautious marketing spending from companies [24] - There is optimism about reaching a critical mass for user growth in social networks, although the timeline for breakeven remains uncertain [39] Other Important Information - As of July 2025, the company had repurchased 6.6 million ADS for an aggregate cost of approximately $83 million [15] - The company does not currently plan to implement other capital return programs beyond the share buyback [29] Q&A Session Summary Question: Insights on marketing services revenue and advertising sentiment - Management acknowledged weakness in advertising revenue due to macroeconomic uncertainties and lower disposable income among consumers [24] Question: AI application in operations - AI is being used to improve efficiency in online gaming and enhance search capabilities in social media platforms [26][28] Question: Share buyback and other capital returns - The share buyback program is ongoing, with no current plans for additional capital returns [29] Question: Breakeven timing for marketing services revenue - Management indicated that breakeven is uncertain due to the nonlinear growth of user bases in social networks [39] Question: Sequential improvement in gaming revenue - A new game version was launched, expected to contribute to revenue growth [40] Question: Impact of events on user growth - Events like K-pop competitions help build community and attract users to the platform [41]

Financial Performance - Total revenues for Q2 2025 were $126 million, down 27% year over year and 7% quarter over quarter [7] - Marketing services revenues were $16 million, down 21% year over year but up 14% quarter over quarter [7] - Online game revenues were $106 million, down 28% year over year and 10% quarter over quarter [7] - GAAP net loss attributable to Silver dot com Limited was $20 million, compared to a net loss of $38 million in Q2 2024 [8] - Non-GAAP net loss attributable to total.com Limited was $20 million, compared to a net loss of $34 million in the same quarter last year [8] Business Segment Performance - Sohu Media Platform revenues for the quarter were $19 million, down from $24 million in the same quarter last year, with an operating loss of $69 million [16] - Changyou's quarterly revenues were $107 million, down from $148 million in the same quarter last year, but operating profit increased to $51 million from $32 million [16] Market Insights - The advertising market is experiencing weakness due to macroeconomic uncertainties and lower consumer spending [24] - The auto sector remains the largest advertising sector, followed by FMCG and IT services, with stabilization noted in the auto sector [25] Company Strategy and Industry Competition - The company is focusing on enhancing user engagement through differentiated events and product optimization [6] - There is a strategy to diversify game offerings and explore new verticals, including card-based RPGs and casual games [14] - The company aims to build a larger user base in social media, which is seen as critical for future growth [36] Management Commentary on Future Outlook - Management acknowledges the current macroeconomic challenges but remains optimistic about future user growth and market share expansion [24][26] - The company is utilizing AI to improve operational efficiency in gaming and enhance user experience in social media platforms [26][27] Other Important Information - As of July 2025, the company had repurchased 6.6 million ADS for approximately $83 million [15] - There are no current plans for additional capital returns beyond the share buyback program, as the focus remains on user base expansion [28] Q&A Session Summary Question: Insights on marketing services revenue and advertising sentiment - Management noted that advertising revenue is facing sequential weakness due to macroeconomic conditions and lower disposable income [24][25] Question: AI application in operations - AI is being used to improve efficiency in gaming and enhance search capabilities in social media apps, utilizing various language models [26][27] Question: Future capital return plans - Management confirmed that the focus is on the share buyback program, with no immediate plans for dividends or other capital returns [28] Question: Breakeven timing for marketing services revenue - Management indicated that breakeven is uncertain due to the nonlinear growth of the user base in social networks [36] Question: Sequential improvement in gaming revenue - The gaming segment is expected to perform stably, with new game releases anticipated to contribute to revenue [37] Question: Impact of events on user growth - Events like K-pop competitions are seen as community builders that help attract users to the Sohu app [39][40]

Core Insights - Sohu's Q2 2025 financial report demonstrates resilience, with total revenue of $126 million and a significant reduction in net loss by over 40% to $20 million, reflecting strategic determination during a transformation phase [1][3] Revenue Breakdown - The two core business segments of Sohu show differentiated development, with marketing services revenue stable at $16 million, indicating a solid foundation in the brand advertising market [3] - Online gaming revenue contributed $106 million, becoming the main revenue driver, attributed to a user-demand-centric product strategy [3] Operational Efficiency - The substantial improvement in non-GAAP net loss highlights Sohu's effectiveness in cost control and operational efficiency [3] - Sohu employs a dual-track strategy of "maintaining core strengths while innovating," optimizing media product functions and enhancing social operations to activate platform ecology [3] Capital Management - As of July 31, 2025, Sohu has repurchased 6.6 million American Depositary Shares for approximately $83 million, representing 55% of the maximum repurchase plan [4] - This capital operation strategy not only optimizes the capital structure but also signals management's confidence in the company's long-term value [4] - In a competitive internet industry, Sohu's refined operations have led to reduced losses and increased efficiency, showcasing strategic wisdom by focusing on core business depth rather than blind expansion [4]

Core Insights - Sohu reported Q2 2025 revenue of $126 million, with marketing services revenue at $16 million and online gaming revenue at $106 million [1] - The non-GAAP net loss for Q2 2025 was $20 million, a reduction of over 40% compared to a net loss of $34 million in the same period of 2024 [1] - Sohu's founder and CEO, Zhang Chaoyang, indicated that the marketing services revenue met previous expectations, while online gaming revenue and overall net loss were in line with the best prior forecasts [1]

Core Insights - The article discusses a new project similar to the early days of Toutiao's video monetization, where users can earn revenue by uploading both original and sourced content without strict penalties for content duplication [1][5]. Group 1: Project Viability - The current timing is deemed ideal for entering this project due to the recent opening of video monetization on Sohu Video, which has a relatively weak content duplication detection system [5]. - Many users have reportedly earned significant income quickly, with one individual making over 580 yuan in just three days [3][5]. - The project is characterized as "newbie-friendly," especially compared to previous platforms like Douyin, which had stricter requirements for monetization [5]. Group 2: Operational Steps - Step 1 involves registering an account on Sohu Video, with the stipulation that one phone number can only register one account [6][8]. - Step 2 focuses on sourcing videos from various platforms such as Douyin, Kuaishou, and Bilibili, emphasizing the importance of selecting niche topics to avoid content overlap [9]. - Step 3 outlines methods for downloading videos using specific applications, making the process straightforward [13]. - Step 4 details the uploading process to Sohu Video, highlighting the ease of use of the platform [15]. Group 3: Best Practices - It is recommended to create a portfolio of similar video types to enhance viewer engagement and increase follower count [15]. - Users can upload between 30 to 100 videos daily, with a focus on high-view content and engaging titles to maximize visibility [15]. - Videos must be in landscape format and exceed 60 seconds in length to qualify for monetization [15][16].

Financial Performance - In Q2 2025, the company's total revenue was $126 million, a decrease of 27% year-over-year [1] - Marketing services revenue was $16 million, while online gaming revenue accounted for $106 million [1] - The non-GAAP net loss attributed to the company was $20 million, a reduction of over 40% compared to a net loss of $34 million in the same period of 2024 [1] Gaming Revenue Insights - Online gaming remains a significant revenue source, with an average monthly active user count of 2.3 million for PC client games, a 6% increase year-over-year and stable compared to the previous quarter [1] - The total number of active paying users for PC games was 900,000, an 8% increase year-over-year but a 3% decrease quarter-over-quarter [1] - The growth in active and paying users is attributed to recent content updates and optimizations for older games like Tianlong Online [1] Mobile Gaming Performance - The average monthly active user count for mobile games was 1.9 million, a decline of 60% year-over-year and a 9% decrease quarter-over-quarter [2] - The total number of active paying users for mobile games was 300,000, down 72% year-over-year and also down 9% from the previous quarter [2] - The decline in active and paying users is primarily due to the natural decline following the launch of "Journey to the West: Pen Drawing Journey" in Q2 2024 [2] Stock Buyback Program - As of July 31, 2025, the company had repurchased 6.6 million shares of its American Depositary Shares, totaling approximately $83 million under its previously announced buyback program of up to $150 million [2]

Group 1 - The core viewpoint of the articles is that Sohu's Q2 2025 financial results show a significant improvement, with total revenue reaching $126 million and a net loss narrowing by over 40% compared to the same period last year [1] - Sohu's Q2 2025 total revenue was $126 million, with marketing services revenue at $16 million and online gaming revenue at $106 million [1] - The non-GAAP net loss attributable to Sohu for Q2 2025 was $20 million, compared to a net loss of $34 million in Q2 2024, indicating a substantial year-over-year improvement [1] Group 2 - Sohu's CEO, Zhang Chaoyang, highlighted that the marketing services revenue met expectations, while online gaming revenue and group net loss also aligned with the best prior expectations [1] - The company is focusing on optimizing its media products and enhancing social operations to increase user engagement and brand influence [1] - Sohu's online gaming business remains robust, driven by a user-centric approach and continuous improvement of game content and experience [1] Group 3 - As part of a previously announced share repurchase program of up to $150 million, Sohu has repurchased 6.6 million American depositary shares for approximately $83 million as of July 31, 2025 [2]

Core Insights - Sohu reported a total revenue of $126 million for Q2 2025, representing a year-over-year decline of 27% and a quarter-over-quarter decline of 7% [1] - The net loss under non-GAAP was $20 million, significantly narrowing from a net loss of $34 million in the same quarter of 2024 [1] Financial Performance - Total revenue for Q2 2025: $126 million [1] - Year-over-year revenue decline: 27% [1] - Quarter-over-quarter revenue decline: 7% [1] - Non-GAAP net loss for Q2 2025: $20 million [1] - Comparison of net loss to Q2 2024: improved from $34 million [1]

Core Insights - Sohu reported a total revenue of $126 million for Q2 2025, with a net loss narrowing by over 40% year-on-year [1][3] Financial Performance - Total revenue for Q2 2025 was $126 million, with marketing services revenue at $16 million and online gaming revenue at $106 million [3] - Non-GAAP net loss attributable to Sohu was $20 million, compared to a net loss of $34 million in Q2 2024, indicating a significant improvement [3] - The company expects Q3 2025 marketing services revenue to be between $14 million and $15 million, a decline of 20% to 25% year-on-year, and a decrease of 4% to 10% from Q2 2025 [3] - Online gaming revenue is projected to be between $107 million and $117 million, down 8% to 16% year-on-year, but up 1% to 10% from Q2 2025 [3] - Both GAAP and non-GAAP net losses for Q3 2025 are expected to be between $25 million and $35 million [3] Management Commentary - Sohu's founder and CEO, Zhang Chaoyang, stated that the marketing services revenue met expectations, and both online gaming revenue and net loss were in line with the best forecasts [3] - The company attributes its performance to a focus on user needs, continuous introduction of quality new content, and ongoing optimization of gaming experiences [3] Stock Buyback Program - As part of a previously announced stock buyback program with a total amount of up to $150 million, Sohu repurchased 6.6 million American depositary shares for approximately $83 million as of July 31, 2025 [4]

Core Insights - Sohu reported a total revenue of $126 million for Q2 2025, with a net loss narrowing by over 40% year-on-year, meeting previous expectations [1][3] Financial Performance - Total revenue for Q2 2025 was $126 million, a decrease of 27% compared to Q2 2024 and a 7% decline from the previous quarter [3] - Marketing services revenue was $16 million, down 21% year-on-year but up 14% from the previous quarter [4] - Online gaming revenue reached $106 million, a decrease of 28% year-on-year and a 10% decline from the previous quarter [5] - The net loss attributable to Sohu under GAAP was $20 million, compared to a net loss of $38 million in Q2 2024 and a net profit of $182 million in the previous quarter [10] - Non-GAAP net loss was also $20 million, compared to a loss of $34 million in the same quarter last year and a loss of $16 million in the previous quarter [10] Profitability Metrics - Gross margin under both GAAP and non-GAAP was 78%, up from 67% in Q2 2024 and 76% in the previous quarter [6] - Marketing services gross margin was 17%, down from 20% year-on-year but up from 10% in the previous quarter [6] - Online gaming gross margin was 86%, compared to 76% in Q2 2024 and 85% in the previous quarter [6] Operating Expenses - Total operating expenses under both GAAP and non-GAAP were $120 million, a decrease of 25% year-on-year and a 1% decline from the previous quarter [7] Operating Loss - GAAP operating loss was $22 million, compared to a loss of $44 million in Q2 2024 and a loss of $19 million in the previous quarter [8] - Non-GAAP operating loss was also $22 million, compared to a loss of $45 million in the same quarter last year and a loss of $19 million in the previous quarter [9] Tax Expenses - GAAP tax expense was $9 million, consistent with the same quarter last year, while non-GAAP tax expense was $9 million compared to $5 million in Q2 2024 [9] User Engagement in Online Gaming - For PC client games, average monthly active users were 2.3 million, up 6% year-on-year, while active paying users totaled 900,000, an 8% increase year-on-year [11] - For mobile games, average monthly active users were 1.9 million, down 60% year-on-year, with active paying users at 300,000, a 72% decline year-on-year [11] Future Guidance - For Q3 2025, Sohu expects marketing services revenue between $14 million and $15 million, a decline of 20% to 25% year-on-year [15] - Online gaming revenue is projected to be between $107 million and $117 million, a decrease of 8% to 16% year-on-year [15] - The company anticipates a net loss between $25 million and $35 million under both GAAP and non-GAAP for Q3 2025 [15]