On March 4th, Sohu released its financial reports for the fourth quarter and fiscal year of 2023, showing a revenue of $141 million for the fourth quarter and $601 million for the entire year of 2023. Meanwhile, the board of directors of Sohu announced an additional stock repurchase plan, increasing the amount from a maximum of $80 million to a maximum of $150 million.
"In the fourth quarter and full year of 2023, while our advertising budget remained cautious, we continued to improve operational efficiency and strictly control costs. Based on these efforts, our net profit in the fourth quarter of 2023 met our previous expectations," said Zhang Chaoyang, founder, chairman of the board of directors, and CEO of Sohu
In terms of overall business, Zhang Chaoyang explained, "In terms of Sohu Media, we have further optimized the user experience by continuously optimizing products, improving technology, and expanding high-quality content. In terms of Sohu Video, we continue to exert our 'dual engine' strategy and continuously produce high-quality long and short video content. While vigorously developing short video content socialization, we are also committed to scientific live streaming and other live streaming activities.". These activities further promote social interaction and user stickiness among users on the Sohu platform. In terms of online gaming business, revenue meets previous expectations and remains stable
At the same time, the Sohu board of directors approved an increase in the amount of the previously announced American Depositary Stock Repurchase Program on March 2, from a maximum total amount of $80 million to a maximum total amount of $150 million. According to the company's announcement, the stock repurchase plan will commence on November 11, 2023, for a period of 2 years. As of February 29th, Sohu has repurchased 1276457 Sohu American Depositary Shares for a total amount of approximately $12 million.