Chinese portal Sohu reports loss of US$45 mil., revenue up by 18 percent
July 29, 2014, 12:01 am TWN
BEIJING--Sohu.com Inc., operator of a popular Chinese Internet portal, says it lost US$45 million in the latest quarter while revenue rose 18 percent to US$400 million.
Sohu said Monday the loss for the three months ended June 30 compared with a US$69 million loss in the previous quarter and an operating profit of US$64 million in the same period of 2013.
Profits at China's Internet companies have been squeezed by heavy spending to build a mobile presence as Chinese Web surfers shift quickly to going online wirelessly through smartphones and tablet computers.
Sohu operates online media, search, gaming, community and mobile services.
In a statement, its chairman, Charles Zhang said its news and video businesses "made solid progress in mobile monetization" as growing user numbers attracted advertisers.