Q1 2013 Earnings Call Transcript

Transcript Call Date 04/29/2013

Operator: Ladies and gentlemen, thank you for standing by, and very good evening. Thank you for joining Sohu's First Quarter 2013 Earnings Conference Call. At this time, all participants are in a listen-only mode. After managements' prepared remarks, there will be a Q&A session. Today's conference call is being recorded. If you have any objections, you may disconnect at this time.

I would now like to hand the conference over to your host for today's conference call, Mr. Tip Fleming from Christensen. Thank you, sir. Please go ahead.

Tip Fleming - IR, Christensen: Thank you, operator. Thank you all for joining us today to discuss's first quarter 2013 results. On the call are Chairman and CEO, Dr. Charles Zhang; Co-President and Chief Operating Officer, Belinda Wang; Co-President and Chief Financial Officer, Carol Yu. Also with us from Changyou our President Dewen Chen; and Chief Financial Officer, Alex Ho. And we also have CEO of Sogou, Xiaochuan Wang; and Vice President of Sohu and CEO of Sohu Video, Ye Deng.

Before management begins their prepared remarks, I would like to remind you of the Company's Safe Harbor statement in connection with today's conference call. Except for the historical information contained herein, the matters discussed in this conference call are forward-looking statements. These statements are based on current plans, estimates and projections and therefore you should not place no 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 statements. For more information about the potential risks and uncertainties, please refer to the Company's filings with the Securities and Exchange Commission, including its registration statement and most recent Annual Report on Form 10-K.

Now, let me turn the call over to Dr. Charles Zhang, Chairman and CEO. Charles, please proceed.

Charles Zhang - Chairman and CEO: Thank you, and thanks to everyone for joining our call. I'm pleased to report that Sohu Group's three key properties, namely online media, in particular video; Sogou and Changyou are all making strong starts into 2013. For the first quarter, the Group revenues were up 36% year on year, exceeding our expectations. By business unit, online video, delivered double digit sequential revenue growth in a typical slowest quarter of the year.

Sogou business was solid as its core products continued to gain user traction. Changyou set new records for both top line and bottom line, driven by decent performance of its MMO and web games. According to iResearch, the Sohu Group now has approximately 450 million users on a monthly basis, consuming the Group's news, video, Pinyin games or our other services. This puts us as a solid No. 3 in China's Internet industry. Traffic growth for our PC Internet services is stable, while our mobile products are gaining strong traction as the total user base of two of our popular mobile applications, apps surpassed 100 million mark each.

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