Aug. 29, 2011, Sohu.com Inc. (Nasdaq: SOHU)announced that its Board of Directors has authorized the company’s plan to buy back up to US$100 million of the outstanding American Depositary Shares (ADS) of Changyou.com Limited (Nasdaq: CYOU), Sohu’s online gaming subsidiary, and/or outstanding shares of common stock of Sohu over a one-year period from Sep.1, 2011 to Aug. 31, 2012.
In Aug.1, Sohu reported its Q2 2011 financial results, hitting record revenue of $198.7 million, which rose 36 persent year-over-year, and its net profit reached $ 42.7 million, helped by strong performance in its online games and brand advertising units. However, Sohu’s stock price actually fell 12% to close at $79.14 after the earnings release. Sohu CEO Charles Zhang condemned Wall Street’s “temporary blindness” on his microblog messages.
Charles Zhang said in one of his microblog message that, “The hot popularity of DMD (Duke of Mount Deer) is ignored; Sohu Video is on track to become a leader, and Sogou is experiencing soaring growth, but none of these reflects in Sohu’s market value.”
Start your free trial now.
Get instant access to all our premium content, archives, newsletters, and online community.
Monthly Membership
Yearly Membership
What you get
Full access to all premium content and our full archives
Members'-only newsletters
Preferential access and discounts to all TechNode events
Direct access to the TechNode newsroom
Start your free trial now.
Get instant access to all our premium content, archives, newsletters, and online community.