Sogou Inc (NYSE:SOGO) just announced its unaudited financial results for the third quarter 2018, ended September 30, 2018, including total revenues of $276.6 million, a 7% increase year-over-year, net income attributable to Sogou Inc. at $23.9 million, a 23% decrease year-over-year, and non-GAAP net income attributable to Sogou Inc. at $28.0 million, a 10% decrease year-over-year.
“In the third quarter, we recorded healthy growth in our core businesses,” said Xiaochuan Wang, CEO of Sogou. “As the second largest search engine by mobile queries in China, we continued to grow our core search revenues faster than the industry average. Driven by our commitment to providing users with reliable, trustworthy information to help them address their key problems, we further enriched our search platform with high-quality content for popular verticals such as healthcare. This drove a significant year-over-year increase in mobile healthcare queries.”
Sogou Inc (NYSE:SOGO) bills itself as a company that provides search and search-related services in the People’s Republic of China.
The company provides Sogou Search, a search engine; and Sogou Input Method, a Chinese language input software for mobile and PC MAUs. It also offers search and search-related advertising services; Internet value-added services related to the operation of Web games and mobile games developed by third parties; and online reading services, as well as other products and services, including smart hardware products.
The company was incorporated in 2005 and is based in Beijing, the People’s Republic of China. Sogou Inc. is a subsidiary of Sohu.com Inc.
Searching for Support
We started off by noting that SOGO just hit the wires with the announcement its unaudited financial results for the third quarter 2018, ended September 30, 2018, including total revenues of $276.6 million, a 7% increase year-over-year, net income attributable to Sogou Inc. at $23.9 million, a 23% decrease year-over-year, and non-GAAP net income attributable to Sogou Inc. at $28.0 million, a 10% decrease year-over-year.
SOGO has had a rough past five days of trading action, with shares sinking something like -8% in that time. It will be interesting to see if this news can help to shift that tone. So far, it has obviously helped to some extent, but not enough to repair recent damage.
“For our mobile keyboard business, we continued to leverage AI-driven innovation to make it more efficient for users to communicate. These AI initiatives enabled us to achieve solid growth in both our user base and market share. In the third quarter, Sogou Mobile Keyboard continued to cement its position as both the leading mobile keyboard as well as China’s largest and most popular voice app. According to iResearch, Sogou Mobile Keyboard remained the third largest mobile app in China.”
Sogou Inc (NYSE:SOGO) managed to rope in revenues totaling $297.8M in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top-line growth of 40.6%, as compared to year-ago data in comparable terms. In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($1B against $429.3M).