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In detail, revenues from brand advertising arrived at USD 48.5 million, rising 11% from the second quarter of 2009 but declining 2% from the third quarter of 2008. Revenues from online games reached USD 68.7 million, growing 3% quarter on quarter and 26% year on year. Revenues from wireless business touched USD 16.8 million, ascending 12% quarter on quarter and 16% year on year.
Gross margin was 76%, lower than 77% in the previous quarter but higher than 74% in the period last year. Brand advertising gross margin was 68%, the same as the level in the previous quarter but climbing from 62% in the period last year. Online game gross margin was 93%, sliding from 94% in April-June 2009 and July-September 2008. Wireless gross margin fell to 43%, compared with 45% in the previous quarter and 51% in the period last year.
Operating expenses amounted to USD 50.8 million. Non-GAAP operating expenses increased 7% quarter on quarter and 9% year on year to USD 46.7 million. Non-GAAP operating margin stood at 42%, lower than 43% in Q2 2009 but higher than 38% in Q3 2008.
Before deducting non-controlling interests from the listing of Changyou.com Ltd. (Nasdaq: CYOU) Sohu's GAAP net income reached USD 47.1 million, rising 11% quarter on quarter and 17% year on year. Non-GAAP net income grew 5% quarter on quarter and 21% year on year to USD 51.6 million.
After deducting non-controlling interests from the listing of Changyou.com, the company's GAAP net income was USD 34.4 million. Diluted earnings per share stood at USD 0.88. Non-GAAP net income was USD 37.4 million.
By September 30, 2009, Sohu's cash and cash equivalents added up to USD 596.4 million.
Looking ahead, the company forecasts that its total revenues for the fourth quarter of 2009 will range between USD 134.5 million and USD 138.5 million. Brand advertising revenues will be USD 45 million to USD 47 million and online game revenues will be USD 69 million to USD 71 million. After deducting non-controlling interests from the listing of Changyou.com, non-GAAP net income will be USD 35 million to USD 37 million.
Source: www.cs.com.cn (October 26, 2009)
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