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Text Messaging, Ads Boost Sohu.(INTERNET & TECHNOLOGY)
Byline: KIRK SHINKLE
China's Internet boom continues, which was good news for the latest earnings from one of its leading portals, Sohu.com Inc.
But the boom comes with some wrinkles, one of which hurt Sohu rival NetEase.com Inc. with its latest results.
On Oct. 24, Sohu said its third quarter benefited from an explosion of text messaging and online advertising in China. The Beijing-based company reported a profit of 7 cents a share, up from break-even in the year-ago quarter. Revenue nearly tripled to $22.1 million. That also was a 14% boost from its previous quarter.
In a conference call with analysts that day, Charles Zhang, Sohu's founder and CEO and one of China's richest men, said online advertising continues to beat expectations.
"Companies now understand that Sohu has developed into a leading mainstream online media asset," he said.
Consumer services rose 284% to $13.3 million. The services include text messaging, which is known as short message service, or SMS.
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