搜狐2025年营收5.84亿美元，亏损收窄近40%

Core Viewpoint - Sohu's financial performance for the fourth quarter of 2025 shows a stable revenue growth, with a notable reduction in net losses, indicating improved cost control and business stability [1][2] Financial Performance - For Q4 2025, Sohu achieved revenue of $142 million, representing a year-on-year growth of 6% [1] - Total revenue for the year reached $584 million, maintaining overall stability [1] - Online gaming remains the primary revenue source, generating $120 million in Q4 and $506 million for the entire year [1] - Marketing services contributed approximately $17 million in Q4 and around $60 million for the year [1] Profitability - Sohu's net loss for 2025, excluding the impact of tax write-offs, was $51 million, a significant decrease from $83 million in 2024, reflecting a nearly 40% reduction in losses [1] Business Strategy - The CEO highlighted that Q4 marketing services revenue exceeded expectations, and online gaming operations aligned with established plans [1] - The company has been adjusting its media products and content formats while focusing on the long-term operation of existing gaming products to maintain revenue resilience [1] Capital Management - Sohu is actively pursuing a stock repurchase plan, with a maximum budget of $150 million for American Depositary Shares [2] - As of February 5, 2026, Sohu has repurchased 8.1 million ADS, amounting to approximately $106 million, exceeding 70% of the planned repurchase amount [2]