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January 31, 2010

Sohu.com Q4 revenues up 12% to $135.8m

Expects revenues to be in the range of $123m and $128m for Q1 2010

By CBR Staff Writer

Sohu.com has reported total revenues of $135.8m for the fourth quarter of 2009, up 12% compared to $127.57m for the same period last year. Revenues decreased 1% sequentially.

The company posted an operating income of $53.24m, compared to $49.68m for the fourth quarter of 2008. Gross margin was 75% for the fourth quarter of 2009, compared to 76% for the third quarter of 2009 and 75% for the fourth quarter of 2008.

For the quarter ended December 31, 2009, the company posted a net income of $42.4m, before deducting the share of net income pertaining to the non-controlling interest in Changyou, down 10% quarter-over-quarter and 25% year-over-year. After deducting the share of net income pertaining to the non-controlling interest in Changyou, net income attributable to Sohu was $29.4m, or $0.76 per share.

Brand advertising revenues were up by 2% to $45.9m, while online game revenues reached $70.7m, an increase of 21% year-over-year and 3% quarter-over-quarter. Wireless revenues for the fourth quarter of 2009 were $15.7m, representing a decrease of 7% sequentially and an increase of 6% year-over-year.

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For the full year 2009, the company reported total revenues of $515.2m, up 20%, compared to 2008. Brand advertising revenues were $177.1m, up 5%, while online game revenues reached $267.6m, up 33% compared to 2008. Gross margin were 76% for the fiscal year 2009, compared to 75% in 2008.

Charles Zhang, chairman and CEO of Sohu, said: “We are pleased to report another quarter of solid financial results built on the accomplishments of an exceptional year which saw us deliver record results along with an enormously successful listing of our MMORPG subsidiary Changyou. Effective business strategies and high-quality products have allowed Sohu to overcome the sluggish economy of 2009 and gain market share in many of our key business segments.”

Sohu anticipates total revenues to be in the range of $123m and $128m for the first quarter of 2010, with advertising revenues of $40m to $42m. Brand advertising revenues are expected to be between $38m and $40m and online game revenues are expected to be between $70m and $73m.

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