Sohu.com swings to $14.7M net loss in Q3 2026

By November 5, 2026, Sohu had repurchased 10.1 million ADSs for an aggregate cost of approximately US$134 million under its program of up to US$150 million.

Available on EDGAR 11/09/2026 - 06:05 AM EST Accepted by SEC EDGAR 11/09/2026 - 06:03 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Sohu.com Ltd (SOHU) reported unaudited third-quarter 2026 revenue of US$133.243 million, down 26% year over year and 2% quarter over quarter. Marketing services revenue was US$14.888 million, up 10% year over year, while online game revenue was US$113.872 million, down 30%.

GAAP operating loss was US$18.280 million, compared with operating profit of US$13.580 million in the third quarter of 2025; GAAP net loss attributable to Sohu was US$14.746 million, versus net income of US$8.666 million. GAAP diluted loss was US$0.60 per ADS. Changyou reported third-quarter revenue of US$115 million and GAAP operating profit of US$58 million. As of September 30, 2026, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1.2 billion. Under a program of up to US$150 million of outstanding ADSs, Sohu had repurchased 10.1 million ADSs for an aggregate cost of approximately US$134 million as of November 5, 2026.

1 point · 0 major

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0 major · 3 points

How the balance works

Positive

• Minor pointMarketing services revenue rose 10% year over year.

Negative

• Moderate pointTotal revenue fell 26% year over year to US$133.243 million.
• Moderate pointGAAP operating result was a US$18.280 million loss, versus US$13.580 million profit.
• Minor pointOnline game revenue declined 30% year over year to US$113.872 million.

Key Figures

Total revenue: US$133.243 million Marketing services revenue: US$14.888 million Online game revenue: US$113.872 million +5 more

8 metrics

Total revenue US$133.243 million Third quarter ended September 30, 2026; down 26% year over year and 2% quarter over quarter

Marketing services revenue US$14.888 million Third quarter of 2026; up 10% year over year

Online game revenue US$113.872 million Third quarter of 2026; down 30% year over year

GAAP operating loss US$18.280 million Third quarter of 2026, compared with US$13.580 million operating profit in the third quarter of 2025

GAAP net loss attributable to Sohu.com Limited US$14.746 million Third quarter of 2026, compared with US$8.666 million net income in the third quarter of 2025

GAAP diluted loss per ADS US$0.60 per ADS Third quarter of 2026

ADSs repurchased 10.1 million ADSs As of November 5, 2026

Aggregate repurchase cost Approximately US$134 million As of November 5, 2026

Key Terms

non-GAAP, share-based compensation expense, uncertain tax positions, American depositary share

4 terms

non-GAAP financial

"non-GAAP measures of operating profit/(loss)"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

share-based compensation expense financial

"exclude the impact of share-based compensation expense"

Share-based compensation expense is the accounting cost a company records when it pays employees or executives with stock, stock options, or other equity instead of cash. It matters to investors because it reduces reported profits and can dilute existing owners’ stake over time — like a bakery paying workers with slices of cake instead of money, leaving fewer slices for original owners and changing each slice’s value.

uncertain tax positions financial

"reversal of uncertain tax positions"

A tax return line or claim for which a company cannot be certain the tax authority will agree, so the company records an estimate of the potential additional tax, interest, and penalties it might owe. Think of it like a disputed bill: management judges the chance and size of a payment and books a liability for the portion it expects to be required, which matters to investors because it can change reported profits, cash needs, and the company's financial risk profile.

American depositary share financial

"each ADS representing one Sohu ordinary share"

An American Depositary Share (ADS) is a U.S.-listed certificate that represents a specified number of shares in a foreign company, held by a custodian bank; it works like a receipt that allows U.S. investors to buy and trade foreign equity on American exchanges without dealing with another country’s markets. Investors care because ADSs make foreign stocks easier to access, improve liquidity and settlement in dollars, and can affect dividend payments, voting rights and regulatory oversight compared with buying the underlying foreign shares directly.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was SOHU's third-quarter 2026 revenue?

Sohu reported total revenue of US$133.243 million for the third quarter of 2026, down 26% year over year and 2% quarter over quarter. Marketing services revenue was US$14.888 million, while online game revenue was US$113.872 million.

How many ADSs did SOHU repurchase?

As of November 5, 2026, Sohu had repurchased 10.1 million ADSs for an aggregate cost of approximately US$134 million under its program of up to US$150 million of outstanding ADSs.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2026

Commission File Number: 001-38511

SOHU.COM LIMITED

(Exact name of registrant as specified in its charter)

Level 18, Sohu.com Media Plaza

Block 3, No. 2 Kexueyuan South Road, Haidian District

Beijing 100190, People’s Republic of China

+86-10-6272-6666

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒    Form  40-F ☐

Press Release

On November 9, 2026, the registrant announced its unaudited financial results for the third quarter ended September 30, 2026. A copy of the press release issued by the registrant regarding the foregoing is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Exhibits.

99.1 Press release reporting Sohu.com Limited’s unaudited financial results for the third quarter ended September 30, 2026.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

SOHU.COM LIMITED
By:		/s/ Joanna Lv
Name:		Joanna Lv
Title:		Chief Financial Officer

Date: November 9, 2026

Exhibit 99.1

SOHU.COM REPORTS THIRD QUARTER 2026 UNAUDITED FINANCIAL RESULTS

BEIJING, Nov 9, 2026 –Sohu.com Limited (NASDAQ: SOHU) (“Sohu” or the “Company”), a leading Chinese online media platform and game business group, today reported unaudited financial results for the third quarter ended September 30, 2026.

Third Quarter Highlights¹

• Total revenues were US$133 million, down 26% year-over-year and 2% quarter-over-quarter.

• Marketing services revenues were US$15 million, up 10% year-over-year and down 2% quarter-over-quarter.

• Online game revenues were US$114 million, down 30% year-over-year and 2% quarter-over-quarter.

• GAAP net loss attributable to Sohu.com Limited was US$15 million, compared with net income of US$9 million in the third quarter of 2025 and net income of US$0.2 million in the second quarter of 2026.

• Non-GAAP² net loss attributable to Sohu.com Limited was US$15 million, compared with net income of US$9 million in the third quarter of 2025 and net income of US$0.5 million in the second quarter of 2026.

Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, “In the third quarter of 2026, our marketing services revenues hit the high end of our guidance, while both our online game revenues and our bottom-line performance were in line with our expectations. For the Sohu social media platform, we continued to strengthen its social features through numerous iconic events, fostering genuine connections among users and boosting active user interactions across multiple verticals. We also kept leveraging our integrated product matrix with innovative and customized marketing solutions to unlock monetization potential. For our online games, we continued to introduce fresh content to sustain player interest while offering tailored gameplay experiences to meet evolving player needs.”

Third Quarter Financial Results

Revenues

Total revenues were US$133 million, down 26% year-over-year and 2% quarter-over-quarter.

Marketing services revenues were US$15 million, up 10% year-over-year and down 2% quarter-over-quarter.

Online game revenues were US$114 million, down 30% year-over-year and 2% quarter-over-quarter.

Cost of Revenues

Both GAAP and non-GAAP total cost of revenues were US$32 million, down 9% year-over-year and up 9% quarter-over-quarter.

Both GAAP and non-GAAP cost of marketing services revenues were US$15 million, up 23% year-over-year and 11% quarter-over-quarter.

Both GAAP and non-GAAP cost of online game revenues were US$14 million, down 33% year-over-year and up 2% quarter-over-quarter.

¹  Changyou’s wholly-owned subsidiary Shanghai Jingmao Culture Communication Co., Ltd. (“Shanghai Jingmao”), which operated Changyou’s cinema advertising business, ceased operations and commenced bankruptcy proceedings during the third quarter of 2019. During the third quarter of 2023, Shanghai Jingmao’s bankruptcy proceedings were concluded by a Chinese mainland bankruptcy court, and the Company accordingly recognized a disposal gain within discontinued operations in the condensed consolidated statements of operations. During the second quarter of 2026, as a result of the Company’s receipt of a further distribution of Shanghai Jingmao’s insolvent assets, the Company recognized an additional disposal gain of US$1 million within discontinued operations in the condensed consolidated statements of operations. Unless indicated otherwise, results presented in this press release are related to continuing operations only and exclude the disposal gain mentioned above.

²  Non-GAAP results exclude share-based compensation expense. Explanation of the Company’s non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying “Non-GAAP Disclosure” and “Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.”

Operating Expenses

Both GAAP and non-GAAP operating expenses were US$120 million, down 9% year-over-year and 4% quarter-over-quarter.

Operating Profit/(Loss)

Both GAAP and non-GAAP operating losses were US$18 million, compared with operating profit of US$14 million in the third quarter of 2025 and an operating loss of US$18 million in the second quarter of 2026.

Income Tax Expense/(Benefit)

Both GAAP and non-GAAP income tax expenses were US$4 million, compared with income tax expense of US$17 million in the third quarter of 2025 and income tax benefit of US$7 million in the second quarter of 2026. For the second quarter of 2026, income tax benefit included reversal of a tax expense of approximately US$13 million due to a reversal of uncertain tax positions.

Net Income/(Loss)

GAAP net loss attributable to Sohu.com Limited was US$15 million, or a net loss of US$0.60 per fully-diluted American depositary share (“ADS,” each ADS representing one Sohu ordinary share), compared with net income of US$9 million in the third quarter of 2025 and net income of US$0.2 million in the second quarter of 2026.

Non-GAAP net loss attributable to Sohu.com Limited was US$15 million, or a net loss of US$0.59 per fully-diluted ADS, compared with net income of US$9 million in the third quarter of 2025 and net income of US$0.5 million in the second quarter of 2026.

Liquidity and Capital Resources

As of September 30, 2026, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1.2 billion.

Supplementary Information for Changyou Results³

Third Quarter 2026 Operating Results

• For PC games, total average monthly active user accounts⁴ (MAU) were 2.6 million, a decrease of 4% year-over-year and flat quarter-over-quarter. Total quarterly aggregate active paying accounts⁵ (APA) were 1.0 million, a decrease of 8% year-over-year and an increase of 4% quarter-over-quarter. The year-over-year decrease in APA was mainly due to the natural decline of Changyou’s older games, including Tian Long Ba Bu (“TLBB”) PC, and to the natural decline of TLBB: Return, which was launched during the third quarter of 2025.

• For mobile games, total average MAU were 1.4 million, a decrease of 24% year-over-year and 16% quarter-over-quarter. Total quarterly APA were 0.2 million, a decrease of 25% year-over-year and 4% quarter-over-quarter. The year-over-year and quarter-over-quarter decreases in MAU and APA were mainly due to the natural decline of Changyou’s older games.

Third Quarter 2026 Unaudited Financial Results

Total revenues were US$115 million, a decrease of 30% year-over-year and 2% quarter-over-quarter. Online game revenues were US$114 million, a decrease of 30% year-over-year and 2% quarter-over-quarter. For online game revenues, the year-over-year decrease was mainly due to a natural decline from a high comparison base driven by content updates released for TLBB PC and the launch of TLBB: Return in the third quarter of 2025.

Both GAAP and non-GAAP total cost of revenues were US$14 million, a decrease of 33% year-over-year and an increase of 2% quarter-over-quarter.

Both GAAP and non-GAAP operating expenses were US$42 million, a decrease of 23% year-over-year and 12% quarter-over-quarter. The year-over-year decrease was mainly due to a decrease in salary and benefits expenses, as well as a decrease in marketing and promotional spending for our online games. The quarter-over-quarter decrease was mainly due to a decrease in licensing fees related to product development.

³  “Changyou Results” consist of the results of Changyou’s online game business and its 17173.com Website.

⁴  Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.

⁵  Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.

GAAP operating profit was US$58 million, compared with US$87 million for the third quarter of 2025 and US$55 million for the second quarter of 2026.

Non-GAAP operating profit was US$59 million, compared with US$88 million for the third quarter of 2025 and US$56 million for the second quarter of 2026.

Recent Development

Under the previously-announced share repurchase program of up to US$150 million of the outstanding ADSs, Sohu had repurchased 10.1 million ADSs for an aggregate cost of approximately US$134 million as of November 5, 2026.

Business Outlook

For the fourth quarter of 2026, Sohu estimates:

• Marketing services revenues to be between US$13 million and US$14 million; this implies an annual decrease of 18% to 24%, and a sequential decrease of 6% to 13%.

• Online game revenues to be between US$111 million and US$121 million; this implies an annual decrease of 8% to an annual increase of 1%, and a sequential decrease of 3% to a sequential increase of 6%.

• Both non-GAAP and GAAP net loss attributable to Sohu.com Limited to be between US$17 million and US$27 million.

For the fourth quarter 2026 guidance, the Company has adopted a presumed exchange rate of RMB6.73=US$1.00, as compared with the actual exchange rate of approximately RMB7.08=US$1.00 for the fourth quarter of 2025, and RMB6.78=US$1.00 for the third quarter of 2026.

This forecast reflects Sohu’s management’s current and preliminary view, which is subject to substantial uncertainty.

Non-GAAP Disclosure

To supplement the unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), Sohu’s management uses non-GAAP measures of operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited and diluted net income/(loss) attributable to Sohu.com Limited per ADS, which are adjusted from results based on GAAP to exclude the impact of share-based compensation expense. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.

Sohu’s management believes excluding share-based compensation expense from the Company’s non-GAAP financial measures is useful for itself and investors. Further, the impact of share-based compensation expense could not be anticipated by management and business line leaders, and these expenses were not built into the annual budgets and quarterly forecasts that have been the basis for information Sohu provides to analysts and investors as guidance for future operating performance. As share-based compensation expense does not involve subsequent cash outflow and is not reflected in the cash flows at the equity transaction level, Sohu does not factor in its impact when evaluating and approving expenditures or when determining the allocation of its resources to its business segments. As a result, in general, the monthly financial results for internal reporting and any performance measures for commissions and bonuses are based on non-GAAP financial measures that exclude share-based compensation expense.

The non-GAAP financial measures are provided to enhance investors’ overall understanding of Sohu’s current financial performance and prospects for the future. A limitation of using non-GAAP operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited, and diluted net income/(loss) attributable to Sohu.com Limited per ADS excluding share-based compensation expense is that this expense has been and can be expected to continue to recur in Sohu’s business. In order to mitigate these limitations Sohu has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between the GAAP financial measures that are most directly comparable to the non-GAAP financial measures that have been presented.

Notes to Financial Information

Financial information in this press release other than the information indicated as being non-GAAP is derived from Sohu’s unaudited financial statements prepared in accordance with GAAP.

Safe Harbor Statement

This announcement contains forward-looking statements. It is currently expected that the Business Outlook will not be updated until release of Sohu’s next quarterly earnings announcement; however, Sohu reserves right to update its Business Outlook at any time for any reason. Statements that are not historical facts, including statements about Sohu’s beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, instability in global financial and credit markets and its potential impact on the Chinese economy; exchange rate fluctuations, including their potential impact on the Chinese economy and on Sohu’s reported U.S. dollar results; fluctuations in Sohu’s quarterly operating results; the possibilities that Sohu will be unable to recoup its investment in content and will be unable to develop a series of successful games for mobile platforms or successfully monetize mobile games it develops or acquires; and Sohu’s reliance on marketing services offerings and online games for its revenues. Further information regarding these and other risks is included in Sohu’s annual report on Form 20-F for the year ended December 31, 2025, and other filings with and information furnished to the U.S. Securities and Exchange Commission.

Conference Call and Webcast

Sohu’s management team will host a conference call at 7:30 a.m. U.S. Eastern Time, November 9, 2026 (8:30 p.m. Beijing/Hong Kong time, November 9, 2026) following the quarterly results announcement. Participants can register for the conference call by clicking here, which will lead them to the conference registration website. Upon registration, participants will receive details for the conference call, including the dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

The live Webcast and archive of the conference call will be available on the Investor Relations section of Sohu’s website at https://investors.sohu.com/.

About Sohu

Sohu.com Limited (NASDAQ: SOHU) was established by Dr. Charles Zhang, one of China’s internet pioneers, in the 1990s. Sohu operates one of the leading Chinese online media platforms and also engages in the online game business in the Chinese mainland. Sohu has built one of the most comprehensive matrices of Chinese language web properties, consisting of Sohu News App, Sohu Video App, the mobile portal m.sohu.com, the PC portal www.sohu.com, and the online games platform www.changyou.com/en/.

As a mainstream media platform with social features, Sohu is indispensable to the daily life of millions of Chinese, providing to a vast number of users a network of web properties and community based products, which offer a broad array of content, such as news and information, in the form of text, picture, video, and live broadcasting. Sohu also attracts users to actively engage in content generation and distribution, and actively interact with each other on the platform. Sohu’s online game business is conducted by its subsidiary Changyou, which develops and operates a diverse portfolio of PC and mobile games, such as the well-known TLBB PC and Legacy TLBB Mobile.

For investor and media inquiries, please contact:

Sohu.com Limited

Ms. Pu Huang

Tel: +86 (10) 6272-6645

E-mail: ir@contact.sohu.com

Christensen Advisory

E-mail: sohu@christensencomms.com

SOHU.COM LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

		Three Months Ended
		Sep. 30, 2026				Jun. 30, 2026				Sep. 30, 2025
Revenues:
Marketing services		$	14,888			$	15,179			$	13,596
Online games			113,872				116,171				162,036
Others			4,483				4,190				4,529
Total revenues			133,243				135,540				180,161
Cost of revenues:
Marketing services			14,914				13,400				12,172
Online games			14,119				13,829				21,177
Others			2,531				1,727				1,517
Total cost of revenues			31,564				28,956				34,866
Operating expenses:
Product development			63,636				68,894				61,820
Sales and marketing (includes share-based compensation expense of nil, $nil, and $4, respectively)			43,715				43,801				49,699
General and administrative (includes share-based compensation expense of $207, $296, and $426, respectively)			12,608				12,188				20,196
Total operating expenses			119,959				124,883				131,715
Operating profit/(loss)			(18,280	)			(18,299	)			13,580
Other income, net			3,127				7,166				5,145
Interest income			5,486				5,718				7,140
Exchange difference			(585	)			(1,224	)			(563	)
Income/(loss) before income tax expense			(10,252	)			(6,639	)			25,302
Income tax expense/(benefit)6			4,493				(6,874	)			16,636
Net income/(loss) from continuing operations			(14,745	)			235				8,666
Net income from discontinued operations7			—				734				—
Net income/(loss)			(14,745	)			969				8,666
Less: Net income from continuing operations attributable to the noncontrolling interest shareholders			1				—				—
Net income/(loss) from continuing operations attributable to Sohu.com Limited			(14,746	)			235				8,666
Net income from discontinued operations attributable to Sohu.com Limited			—				734				—
Net income/(loss) attributable to Sohu.com Limited			(14,746	)			969				8,666
Basic net income/(loss) from continuing operations per share/ADS attributable to Sohu.com Limited		$	(0.60	)		$	0.01			$	0.32
Basic net income from discontinued operations per share/ADS attributable to Sohu.com Limited		$	—			$	0.03			$	—
Basic net income/(loss) per share/ADS attributable to Sohu.com Limited		$	(0.60	)		$	0.04			$	0.32
Shares/ADSs used in computing basic net income/(loss) per share/ADS attributable to Sohu.com Limited8			24,765				25,451				27,491
Diluted net income/(loss) from continuing operations per share/ADS attributable to Sohu.com Limited		$	(0.60	)		$	0.01			$	0.32
Diluted net income from discontinued operations per share/ADS attributable to Sohu.com Limited		$	—			$	0.03			$	—
Diluted net income/(loss) per share/ADS attributable to Sohu.com Limited		$	(0.60	)		$	0.04			$	0.32
Shares/ADSs used in computing diluted net income/(loss) per share/ADS attributable to Sohu.com Limited			24,765				25,451				27,491

⁶ For the second quarter of 2026, income tax benefit included reversal of a tax expense of approximately US$13 million due to a reversal of uncertain tax positions.

⁷ See footnote 1.

⁸ Each ADS represents one ordinary share.

SOHU.COM LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED, IN THOUSANDS)

		As of Sep. 30, 2026				As of Dec. 31, 2025
ASSETS
Current assets:
Cash and cash equivalents		$	125,499			$	128,308
Short-term investments			698,463				702,372
Accounts receivable, net			38,829				43,335
Prepaid and other current assets			92,100				93,903
Total current assets			954,891				967,918
Fixed assets, net			248,798				246,263
Goodwill			10,257				10,257
Long-term investments, net			43,836				43,939
Intangible assets, net			2,971				4,692
Long-term time deposits			330,906				350,659
Other assets			11,362				12,325
Total assets		$	1,603,021			$	1,636,053
LIABILITIES
Current liabilities:
Accounts payable		$	35,154			$	36,215
Accrued liabilities			104,966				95,430
Receipts in advance and deferred revenue			56,374				54,878
Accrued salary and benefits			36,976				55,018
Taxes payables			12,320				15,571
Other short-term liabilities			74,993				76,601
Total current liabilities		$	320,783			$	333,713
Long-term other payables			3,609				2,896
Long-term tax liabilities			8,212				21,051
Other long-term liabilities			222				322
Total long-term liabilities		$	12,043			$	24,269
Total liabilities		$	332,826			$	357,982
SHAREHOLDERS’ EQUITY:
Sohu.com Limited shareholders’ equity			1,269,850				1,277,727
Noncontrolling interest			345				344
Total shareholders’ equity		$	1,270,195			$	1,278,071
Total liabilities and shareholders’ equity		$	1,603,021			$	1,636,053

SOHU.COM LIMITED

RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

		Three Months Ended Sep. 30, 2026																Three Months Ended Jun. 30, 2026																Three Months Ended Sep. 30, 2025
		GAAP				Non-GAAP Adjustment								Non-GAAP				GAAP				Non-GAAP Adjustment								Non-GAAP				GAAP				Non-GAAP Adjustment								Non-GAAP
Operating expenses		$	119,959			$	(207	)			(a	)		$	119,752			$	124,883			$	(296	)			(a	)		$	124,587			$	131,715			$	(430	)			(a	)		$	131,285
Operating profit/(loss)		$	(18,280	)		$	207				(a	)		$	(18,073	)		$	(18,299	)		$	296				(a	)		$	(18,003	)		$	13,580			$	430				(a	)		$	14,010
Income tax expense/(benefit)9		$	4,493			$	—							$	4,493			$	(6,874	)		$	—							$	(6,874	)		$	16,636			$	—							$	16,636
Net income/(loss) before non-controlling interest		$	(14,745	)		$	207				(a	)		$	(14,538	)		$	235			$	296				(a	)		$	531			$	8,666			$	430				(a	)		$	9,096
Net income/(loss) from continuing operations attributable to Sohu.com Limited for diluted net income/(loss) per share/ADS		$	(14,746	)		$	207				(a	)		$	(14,539	)		$	235			$	296				(a	)		$	531			$	8,666			$	430				(a	)		$	9,096
Net income from discontinued operations attributable to Sohu.com Limited for diluted net income per share/ADS10		$	—			$	—							$	—			$	734			$	—							$	734			$	—			$	—							$	—
Net income/(loss) attributable to Sohu.com Limited for diluted net income/(loss) per share/ADS		$	(14,746	)		$	207				(a	)		$	(14,539	)		$	969			$	296				(a	)		$	1,265			$	8,666			$	430				(a	)		$	9,096
Diluted net income/(loss) from continuing operations per share/ADS attributable to Sohu.com Limited		$	(0.60	)										$	(0.59	)		$	0.01											$	0.02			$	0.32											$	0.33
Diluted net income from discontinued operations per share/ADS attributable to Sohu.com Limited		$	—											$	—			$	0.03											$	0.03			$	—											$	—
Diluted net income/(loss) per share/ADS attributable to Sohu.com Limited		$	(0.60	)										$	(0.59	)		$	0.04											$	0.05			$	0.32											$	0.33
Shares/ADSs used in computing diluted net income/(loss) per share/ADS attributable to Sohu.com Limited			24,765												24,765				25,451												25,451				27,491												27,491

Note: 

(a) Share-based compensation expense

⁹ See footnote 6. 

¹⁰ See footnote 1. 

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