April 29, Sohu today released its unaudited financial results for the first quarter ended March 31, 2013. The filing shows that in the first quarter of 2013, Sohu total revenue reaches $ 308 million, an increase of 36%; Sohu’s attributable net profit reaches $ 23 million, an increase of 14%, unchanged from the previous quarter.
After the earnings announcement, Sohu Chairman of the Board and CEO Charles Zhang, Wang Xin, Co-President and COO, Co-President and CFO Yu Chuyuan and other executives attended the financial conference call inrelate to the results and highlights of the report.
Barclays Analyst: How about the Sohu Video Advertising as well as the demand of the business for the rest of the year? Does the advertisers budget still flows from offline media to online media? Please talk about the online video business competition and the advantages of Sohu video compared with its competitors?
CFO Yu Chuyuan: The overall performance of video services is very good, most of the competitors have not yet announced earnings, but at least it seems to us that our video business is stronger than competitors, the current industry competition is still very intense, but our content, such as the U.S. drama, Japanese cartoon animation are very popular with higher user stickiness.
Barclays analyst: What is the expected growth rate of this year’s video business?
CFO Yu Chuyuan: Video services growth rate is over 17% in the first quarter of this year, it is expected to remain at least at the same level in the following in this year.