- Chinese search engine company Sogou Inc SOGO reported a second-quarter FY21 revenue decline of 44% year-on-year to $147.5 million.
- Tencent Holdings Ltd's TCEHY plan to take Sogou private, and reduced traffic acquisition activity led to the decline akin to Q1.
- Search, and search-related revenues decreased 43% Y/Y to $137.2 million, led by lower auction-based pay-for-click services.
- Non-GAAP gross margin expanded 400 bps to 29% as costs reduced 47% Y/Y due to lower traffic acquisition costs.
- Non-GAAP operating margin loss was (23)%.
- Non-GAAP earnings per ADS of $0.11, and GAAP income per ADS was $0.10.
- Sogou held $1 billion in cash and equivalents.
- Price action: SOGO shares closed lower by 0.11% at $8.78 on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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