Sohu's growth largely depends on its Sogou business and the launch of the new hit games.
Sohu reported in-line first-quarter results with continued weak earnings in brand ads and online games. Sogou is the only bright spot, with 10% year-on-year revenue growth in U.S. dollars and 16% growth in Chinese yuan, which topped management’s prior expectation and was higher than the industry growth. We maintain our fair value estimate of $40.50 per ADR for no-moat Sohu, given that the increase in revenue from Sogou was largely offset by its margin decrease from lower monetization at mobile d...Sohu.com is an internet company based in China. Co. provides a network of Web properties and community based/Web 2.0 products which offer its user community base a broad array of choices regarding information, entertainment and communication. Co. maintains comprehensive matrices of Chinese language web properties and proprietary search engines, consisting of the mass portal and online media destination www.sohu.com; the interactive search engine www.sogou.com; the developer and operator of online games www.changyou.com/en/ and online video Website tv.sohu.com. Co. also provides multiple news and information services on mobile platforms, including Sohu News App and m.sohu.com.
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