Categories Earnings, LATEST, Technology

Earnings: Sogou stock falls on weak guidance

Shares of search and internet company Sogou Inc. (NYSE: SOGO) fell 4.15% during pre-market trading hours on Monday, after it issued weaker-than-expected third-quarter guidance. Meanwhile, the company reported second-quarter results that were better than street expectation.

The Chinese company’s Q2 revenue inched up 1% to $303.6 million, slightly higher than analysts’ estimate of $301.72 million. The company added that in RMD terms, revenue rose 8%.

search engine market share in china

Driven by the strong growth in auction-based pay-for-click services, the company witnessed a 2% growth in search and search-related revenues to $276.2 million. However, weakness in sales of smart products pulled down other revenues 11%.

On an adjusted basis, the company earned 7 cents per share, one cent higher than the street view, helped by an income tax benefit of $1.4 million during the quarter.

Sogou Mobile Keyboard had 453 million daily average users at the end of the second quarter, up 17% year-over-year.

READ: Google trails at fifth spot in the Chinese search engine market

CEO  Xiaochuan Wang said, “Leveraging our core AI capabilities, we made significant progress in upgrading the smart hardware business, with new AI-enabled products launched and more in the pipeline. Going forward, we believe the steady growth in our core search business, coupled with the solid progress in the big data and recommendation service and smart hardware, will support sustainable expansion across our businesses.”

For the third quarter, Sogou expects total revenues to be in the range $304 million to $314 million, representing a 10% to 14% increase year-over-year. This was, however, weaker than the street expectation of $318 million.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Key highlights from Autodesk (ADSK) Q4 2021 earnings results

Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per

Infographic: Beyond Meat (BYND) reports wider Q4 loss; Revenue up 4%

Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus

Virgin Galactic stock tanks on delayed test flight

Virgin Galactic (NYSE: SPCE) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The space tourism company reported zero revenue in the fourth quarter, compared to $529,000

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top