Sohu released its financial reports for the fourth quarter and fiscal year of 2023 on March 4th. The total revenue of the company in the fourth quarter of 2023 was $141 million, compared to $601 million for the entire year of 2023. Meanwhile, Sohu announced that it will add the previously announced stock repurchase plan, increasing the total 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 this, our net profit reached the previously expected high line in the fourth quarter of 2023," said Zhang Chaoyang, founder, chairman of the board of directors, and CEO of Sohu
The financial report shows that in the fourth quarter of 2023, Sohu's total revenue was 141 million US dollars. Among them, brand advertising revenue is 20 million US dollars, and online gaming revenue is 115 million US dollars. In 2023, Sohu's total revenue was 601 million US dollars. Among them, brand advertising revenue was 89 million US dollars, and online gaming revenue was 480 million US dollars.
According to the announcement, Sohu approved an increase in the amount of the previously announced American Depositary Stock Repurchase Program from a maximum of $80 million to a maximum of $150 million on March 2. The repurchase plan starts on November 11, 2023 and lasts for 2 years. As of February 29, 2024, Sohu has repurchased approximately 1.2765 million American Depositary Shares for a total amount of approximately $12 million.