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

Earnings calendar for the week of May 17

Benchmark stock indexes pared their recent gains early this week amid elevated inflation concerns, but regained a part of the momentum later aided by recovery in tech stocks. The Dow

Aurora Cannabis (ACB) Earnings: 3Q21 Key Numbers

Aurora Cannabis Inc. (NYSE: ACB) reported third quarter 2021 earnings results today. Total revenues fell 25% year-over-year to CAD55.1 million. Adjusted EBITDA loss amounted to CAD24 million. Cash balance as

Walt Disney (DIS) Q2 revenue down 13%; earnings beat estimates

Media behemoth The Walt Disney Company (NYSE: DIS) reported second-quarter revenues that declined from last year as customers stayed away from theatres and parks due to pandemic-related safety issues and

Tags

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