Core Viewpoint - Sohu.com reported a significant reversal of previously accrued withholding income tax, which impacted its financial results, leading to a GAAP net income of $223 million for Q4 2025, compared to a net loss in the previous year [1][7]. Financial Performance - For Q4 2025, Sohu's total revenue was $142 million, reflecting a 6% year-over-year increase but a 21% decrease sequentially [3][7]. - The full year 2025 total revenue was $584 million, down 2% from 2024, with marketing services revenue at $60 million (down 18%) and online game revenue at $506 million (up 1%) [2][8]. - The company reported a GAAP net income of $394 million for the full year 2025, a significant recovery from a net loss of $100 million in 2024 [8]. Segment Performance - Changyou's Q4 revenue was $121 million, up from $111 million year-over-year, with an operating profit of $45 million [6][10]. - The social media platform generated $21 million in Q4 revenue, down from $24 million year-over-year, with an operating loss of $72 million [9]. - For the full year, Changyou's revenue was $509 million, slightly up from $506 million in 2024, while the social media platform's revenue decreased to $75 million from $91 million [9][10]. Guidance and Outlook - For Q1 2026, management guided marketing services revenue to be between $10 million and $11 million, indicating a year-over-year decline of 20% to 27% [5][17]. - Online game revenue is expected to be between $113 million and $123 million, suggesting a slight year-over-year change [17]. - The company anticipates a GAAP and non-GAAP net loss of $10 million to $20 million for Q1 2026 [18]. Advertising and Market Trends - The softer first-quarter guidance is attributed to seasonality related to the Chinese New Year, with a noted shift from traditional advertising to innovative marketing solutions [19]. - The auto sector showed improvement in Q4, contributing a higher percentage of total revenue, while IT and FMCG sectors were weaker [19]. Share Repurchase Program - As of February 5, 2026, Sohu had repurchased 8.1 million ADS for approximately $106 million, with about one-third of the repurchase program remaining [20].

Financial Performance Overview - In Q4 2025, total revenue was $142 million, representing a 6% year-over-year increase but a 21% decrease quarter-over-quarter [5] - Marketing services revenues were $17 million, down 10% year-over-year but up 25% quarter-over-quarter [5] - Online game revenues reached $120 million, up 10% year-over-year but down 26% quarter-over-quarter [5] - For the full year 2025, total revenues were $584 million, down 2% compared to 2024 [8] - GAAP net income attributable to Sohu.com Limited was $394 million, compared to a net loss of $100 million in 2024 [8] - Non-GAAP net income attributable to Sohu.com Limited was $234 million, compared to a net loss of $83 million in 2024 [8] Business Segment Performance - Sohu Media platform revenues for Q4 were $21 million, down from $24 million year-over-year, with an operating loss of $72 million [16] - Changyou's quarterly revenue was $121 million, up from $111 million year-over-year, with an operating profit of $45 million [17] - For the full year 2025, Changyou's revenue was $509 million, slightly up from $506 million in 2024, with an operating profit of $238 million [17] Market Trends and Guidance - For Q1 2026, marketing service revenues are expected to be between $10 million and $11 million, indicating a 20%-27% annual decrease [18] - Online game revenues are projected to be between $113 million and $123 million, suggesting a potential annual decrease of 4% to an increase of 5% [18] Company Strategy and Industry Position - The company is focusing on enhancing user experience through improved products and algorithms, as well as hosting innovative events to boost user engagement [4] - Sohu is committed to long-term operational excellence in online games, with plans for high-quality content updates and expansion packs [12][13] - The company is exploring new monetization opportunities by integrating advertisers' needs with event marketing [12] Management Commentary on Future Outlook - Management noted that the softness in Q1 advertising guidance is primarily due to the delayed Chinese New Year, affecting advertisers' activities [22][35] - The overall macroeconomic situation remains similar to Q4, with uncertainties persisting [22] - Management expressed optimism about the auto sector's performance, indicating some improvement compared to IT and FMCG sectors [27] Other Important Information - As of February 5, 2026, Sohu had repurchased 8.1 million ADS for approximately $106 million, with one-third of the program remaining [15] Q&A Session Summary Question: Advertising guidance for Q1 seems soft; is it due to macro uncertainties? - Management attributed the softness to seasonality and the delayed Chinese New Year, affecting advertisers' activities in January and February [22][35] Question: What is the trend for advertising categories like auto and IT? - Management noted improvement in the auto sector, which has a higher percentage of overall revenue compared to IT and FMCG sectors [27] Question: Was there any one-off revenue recognized in Q4 that led to outperformance? - Management clarified that Q4 performance was due to overall better execution rather than one-off events, with Q1 softness linked to the delayed Chinese New Year [35][36] Question: Can management share the game pipeline and major expansion packs for 2026? - Management mentioned a card-based RPG based on Xiaomi IP expected to launch by late 2026 or early 2027, with several new games in development [43][44] Question: Why is the net loss guidance narrower than previous quarters? - Management indicated that the narrower loss is due to improved operational performance and expects this trend to continue throughout 2026 [34][45]

Financial Performance Overview - In Q4 2025, total revenue was $142 million, representing a 6% year-over-year increase but a 21% decrease quarter-over-quarter [5] - Marketing services revenue was $17 million, down 10% year-over-year but up 25% quarter-over-quarter [5] - Online game revenue reached $120 million, up 10% year-over-year but down 26% quarter-over-quarter [5] - For the full year 2025, total revenue was $584 million, down 2% compared to 2024 [8] - GAAP net income attributable to Sohu.com Limited was $394 million, compared to a net loss of $100 million in 2024 [8] - Non-GAAP net income attributable to Sohu.com Limited was $234 million, compared to a net loss of $83 million in 2024 [8] Business Segment Performance - Sohu Media platform revenues for Q4 were $21 million, down from $24 million year-over-year, with an operating loss of $72 million [16] - Changyou's quarterly revenue was $121 million, up from $111 million year-over-year, with an operating profit of $45 million [17] - For the full year 2025, Changyou's revenue was $509 million, slightly up from $506 million in 2024, with an operating profit of $238 million [17] Market Trends and Guidance - For Q1 2026, marketing service revenues are expected to be between $10 million and $11 million, indicating a 20%-27% annual decrease and a 35%-41% sequential decrease [18] - Online game revenues are projected to be between $113 million and $123 million, suggesting a potential annual decrease of 4% to an increase of 5% [18] Company Strategy and Industry Competition - The company is focusing on enhancing its media platform through innovative events and improved algorithms to boost user engagement and monetization opportunities [4][9] - In the online gaming sector, the company is committed to delivering high-quality content updates and maintaining a user-centric approach [13][14] - The company is exploring new monetization opportunities by integrating advertisers' needs with its events and content [12] Management Commentary on Operating Environment and Future Outlook - Management noted that the softness in Q1 advertising guidance is primarily due to the delayed Chinese New Year, affecting advertisers' activities [22][34] - The overall macroeconomic situation remains similar to Q4, with ongoing uncertainties impacting advertising spending [35] - Management expressed confidence in the gaming sector's resilience, emphasizing the importance of existing game performance and upcoming content updates [24][41] Other Important Information - As of February 5, 2026, the company had repurchased 8.1 million ADS for approximately $106 million, with one-third of the program remaining [15] Q&A Session Summary Question: Advertising guidance for Q1 appears soft; is it due to macro uncertainties? - Management attributed the softness to seasonality, specifically the delayed Chinese New Year affecting advertising activities [22] Question: What is the trend for advertising categories like auto and IT sectors? - Management noted improvement in the auto sector, which performed better than IT and other FMCG categories [26] Question: Were there any one-off revenues in Q4 that led to outperformance? - Management indicated that Q4 performance was generally better without specific one-off events, attributing it to improved overall operations and innovative marketing solutions [34][36] Question: Can management share the game pipeline and major expansion packs for 2026? - Management confirmed a card-based RPG based on Xiaomi IP is expected to launch by late 2026 or early 2027, with several new games in development [40] Question: Why is the net loss guidance narrower than previous quarters? - Management explained that the narrower loss guidance reflects improved operational performance and cost management [32]

Financial Performance Overview - In Q4 2025, total revenue was $142 million, representing a 6% increase year-over-year but a 21% decrease quarter-over-quarter [5] - Marketing services revenues were $17 million, down 10% year-over-year but up 25% quarter-over-quarter [5] - Online game revenues reached $120 million, up 10% year-over-year but down 26% quarter-over-quarter [5] - For the full year 2025, total revenues were $584 million, down 2% compared to 2024 [7] - GAAP net income attributable to Sohu.com Limited was $223 million, compared to a net loss of $21 million in Q4 2024 [6] - Non-GAAP net income attributable to Sohu.com Limited was $261 million, compared to a net loss of $15 million in Q4 2024 [6] Business Segment Performance - Sohu Media platform revenues for Q4 were $21 million, down from $24 million in the same quarter last year, with an operating loss of $72 million [15] - Changyou's quarterly revenue was $121 million, up from $111 million in the same quarter last year, with an operating profit of $45 million [16] - For the full year 2025, Changyou's revenue was $509 million, compared to $506 million in 2024, with an operating profit of $238 million [16] Market Trends and Insights - The advertising sector showed some improvement in the auto industry, while the IT sector remained weaker [25] - The softness in advertising guidance for Q1 2026 is attributed to the delayed Chinese New Year, impacting advertisers' activities [21][32] Company Strategy and Industry Position - The company is focused on enhancing user engagement through innovative events and improved algorithms on the Sohu Media platform [4][8] - In the online gaming sector, the company plans to continue delivering high-quality content updates and expansion packs to maintain player engagement [12][13] - The company is exploring new monetization opportunities by integrating advertisers' needs with event-driven marketing strategies [11] Management Commentary on Future Outlook - Management expressed that the overall macroeconomic situation remains similar to Q4, with uncertainties affecting advertising spending [21][33] - The company anticipates a narrower net loss for Q1 2026, guided between $10 million and $20 million, reflecting improved operational efficiency [30] Q&A Session Summary Question: Advertising guidance appears soft for Q1, is it due to macro uncertainties? - Management indicated that the softness is mainly due to seasonality, with the delayed Chinese New Year affecting advertising activities [21] Question: What is the trend for advertising categories like auto and IT? - Management noted improvement in the auto sector, while the IT sector remains weaker [25][24] Question: Was there any one-off revenue in Q4 that led to outperformance? - Management clarified that Q4 performance was due to overall better execution rather than one-off events, with Q1 softness attributed to the delayed Chinese New Year [32][33] Question: Can management share the game pipeline and major expansion packs for 2026? - Management mentioned a card-based RPG based on Xiaomi IP expected to launch by late 2026 or early 2027, with several new games in development [39] Question: Why is the net loss guidance narrower than previous quarters? - Management explained that the narrower loss is due to improved operational efficiency and cost management [30]

Financial Performance Overview - Total revenues for Q3 2025 were $180 million, representing a 19% year-over-year increase and a 43% quarter-over-quarter increase [4] - Marketing services revenues were $14 million, down 27% year-over-year and 13% quarter-over-quarter [4] - Online game revenues reached $162 million, up 27% year-over-year and 53% quarter-over-quarter [4] - GAAP net income attributable to Sohu.com Limited was $9 million, compared to a net loss of $16 million in Q3 2024 and a net loss of $20 million in Q2 2025 [4] - Non-GAAP net income attributable to Sohu.com Limited was also $9 million, compared to a net loss of $12 million in Q3 2024 and a net loss of $20 million in Q2 2025 [4] Business Line Performance - Sohu Media platform revenues were $17 million, down from $73 million in the same quarter last year, with an operating loss of $71 million [11] - Changyou revenues were $163 million, up from $129 million in the same quarter last year, with an operating profit of $88 million compared to $62 million in the same quarter last year [11] Market Performance - The advertising revenue showed a sequential rebound, although the overall macroeconomic situation remains challenging, particularly in sectors like auto and IT services [19][35] - The company is leveraging unique marketing campaigns to stabilize advertising revenue despite a deteriorating market [19][35] Company Strategy and Industry Competition - The company is focused on optimizing products and enhancing user experiences through technology integration and premium content generation [5][6] - Sohu is committed to diversifying its gaming portfolio, including new types of games and expanding into global markets [10] - The company is utilizing AI to improve user experience and operational efficiency, particularly in gaming and media services [22][23] Management Comments on Operating Environment and Future Outlook - Management indicated that the strong performance in Q3 was driven by the successful launch of new games, but expressed caution regarding Q4 performance due to natural declines following initial launches [17][32] - The advertising market is under pressure, but the company is finding ways to attract advertisers through innovative offerings [35] Other Important Information - As of November 13, 2025, Sohu has repurchased 7.6 million ADS for approximately $97 million, representing two-thirds of the $150 million program [10] Q&A Session Summary Question: Online game business performance and Q4 guidance - Management confirmed that Q4 performance is in line with expectations, driven by the success of TLBB Return and new servers for TLBB Vintage [17] Question: AI integration and its impact - AI is being used to enhance user experience in gaming and media services, improving productivity without focusing on large language models [22][23] Question: Surprises from TLBB Return and user trends - User spending on TLBB Return exceeded expectations, with stable user retention, but revenues are trending down as promotional activities decrease [30][32] Question: Advertising market sentiment - The overall advertising market is under pressure, particularly in the auto industry, but innovative marketing strategies are helping to stabilize revenue [35]

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]

Financial Performance and Key Metrics - In Q1 2025, total revenues were $136 million, down 3% year-over-year and up 1% quarter-over-quarter [7] - Marketing services revenues were $14 million, down 15% year-over-year and 27% quarter-over-quarter [7] - Online game revenues were $117 million, flat year-over-year and up 7% quarter-over-quarter [7] - GAAP net income was $182 million compared to a net loss of $25 million in Q1 2024 [8] - Non-GAAP net loss was $16 million compared to a net loss of $22 million in Q1 2024 [8] Business Line Performance - Sohu Media platform revenues were $70 million, compared to $20 million in the same quarter last year, with an operating loss of $70 million [19] - Changyou's quarterly revenues were $180 million, down from $190 million in the same quarter last year, with an operating profit of $55 million [19] Market Data and Key Metrics - For Q2 2025, marketing services revenues are expected to be between $60 million and $70 million, implying a year-over-year decrease of 14% to 19% [20] - Online game revenues are expected to be between $96 million and $106 million, implying a year-over-year decrease of 28% to 35% [20] Company Strategy and Industry Competition - The company is focusing on enhancing its social media platform and leveraging unique IPs for monetization opportunities [6] - The online gaming business is adopting a top game strategy, diversifying its portfolio with various game types, and expanding into global markets [15][16] Management's Comments on Operating Environment and Future Outlook - Management noted that the advertising sentiment is mixed, with the auto sector performing better while luxury goods and alcohol spending is declining [24] - The company expects a similar trend in advertising for the second half of the year, with a focus on accelerating growth through its social network platform [25] - AI is seen as beneficial for the gaming business, improving efficiency in art design and production [29] Other Important Information - The company reversed a tax expense previously recognized, amounting to approximately $199 million, which was an accounting treatment issue rather than a cash flow event [8][42] Q&A Session Summary Question: Recent trend in advertising sentiment and outlook for the second half - Management indicated that the auto sector is performing better, while luxury goods and alcohol spending is declining, with expectations for a similar trend in the second half [24][25] Question: Impact of AI on advertising and online games - Management stated that AI has a marginal impact on the media platform but is beneficial for gaming, improving efficiency in various production aspects [26][29] Question: Details on the tax reversal - The tax reversal was an accounting issue related to uncertainty that has now been resolved, with no actual cash flow involved [42][45] Question: ADR delisting risk and alternative plans - Management noted that the situation is speculative and that they would consider alternatives if necessary, but currently, there are no immediate plans [48][52]

Financial Performance Overview - In Q4 2024, total revenues were $135 million, down 5% year-over-year and 11% quarter-over-quarter [6] - Brand advertising revenues were $19 million, down 7% year-over-year and 1% quarter-over-quarter [6] - Online game revenues were $110 million, down 4% year-over-year and 14% quarter-over-quarter [6] - GAAP net loss attributable to Sohu was $21 million, compared to a net loss of $13 million in Q4 2023 [6] - Non-GAAP net loss attributable to Sohu was $15 million, compared to a net loss of $11 million in Q4 2023 [6] - For the full year 2024, total revenues were $598 million, flat compared to 2023 [7] Business Segment Performance Sohu Media Platform - Quarterly revenues were $24 million, compared to $25 million in the same quarter last year [15] - Quarterly operating loss was $69 million, compared to an operating loss of $68 million in the same quarter last year [15] - For the full year 2024, revenues were $91 million, down from $140 million in 2023 [16] - Full year operating loss was $287 million, compared to an operating loss of $269 million in 2023 [16] Online Games - Quarterly revenues for Changyou's online games were $111 million, compared to $115 million in the same quarter last year [16] - Quarterly operating profit was $48 million, compared to an operating profit of $47 million in the same quarter last year [16] - For the full year 2024, revenues were $506 million, down from $485 million in 2023 [16] - Full year operating profit was $196 million, compared to an operating profit of $203 million in 2023 [16] Market Trends and Strategic Direction - The company is focusing on improving technology and optimizing products to enhance user experience [8] - Sohu is integrating online and offline events to attract younger users and stimulate content generation [9][10] - The online game business is expected to maintain a user-centric approach while expanding its portfolio with diverse game types [13][14] Management Commentary on Economic Environment - Management noted that the decline in advertising revenue is attributed to a weak macroeconomic environment, leading to reduced marketing budgets from advertisers [23][34] - There is a trend of decreased spending in the automotive sector, with FMCG now becoming the top sector for advertising [36] Other Important Information - As of February 2025, Sohu had repurchased 4.2 million ADS for approximately $52 million, with $100 million remaining in the buyback program [15][33] Q&A Session Summary Question: Insights on brand advertising business and gaming expectations - Management acknowledged that the decline in advertising is due to the overall economic situation, with advertisers spending less [23] - For gaming, the performance is expected to be flat quarter-over-quarter [24] Question: Overall macro sentiment and advertising budget - Management indicated that consumer spending is down, affecting marketing budgets, particularly in the automotive sector [34] - FMCG has risen to become the top sector for advertising, with increased spending noted in smaller items like food and electronics [36]