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2021-09-09

Do like, thank u

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2021-08-26

Naked looks good

Some meme stocks surged in morning trading<blockquote>一些模因股票在早盘交易中飙升</blockquote>

2021-08-24

Nice

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2021-08-15

Great

How to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来的股票</blockquote>

2021-08-14

$Soc Telemed Inc(TLMD)$will this go up?

2021-08-09

Ok

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2021-08-09

Go go go

Sohu.com Reports Second Quarter 2021 Unaudited Financial Results<blockquote>搜狐网报告2021年第二季度未经审计财务业绩</blockquote>

2021-07-27

Great earning

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2021-07-23

Why.

GM is shutting down most of its pickup production for a week<blockquote>通用汽车将关闭大部分皮卡生产一周</blockquote>

2021-07-22

Great

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2021-07-16

Like and comment. Thanks.

抱歉，原内容已删除

2021-07-15

Thanks

抱歉，原内容已删除

去老虎APP查看更多动态

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good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/810521785","repostId":"1128611362","repostType":4,"repost":{"id":"1128611362","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629987334,"share":"https://www.laohunote.com/m/news/1128611362?lang=zh_CN&edition=full","pubTime":"2021-08-26 22:15","market":"us","language":"en","title":"Some meme stocks surged in morning trading<blockquote>一些模因股票在早盘交易中飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128611362","media":"Tiger Newspress","summary":"Some meme stocks surged in morning trading.GameStop,Zomedica,Naked Brand,Express,KOSS and BlackBerry","content":"<p>Some meme stocks surged in morning 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSome meme stocks surged in morning trading<blockquote>一些模因股票在早盘交易中飙升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-26 22:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Some meme stocks surged in morning trading.GameStop,Zomedica,Naked Brand,Express,KOSS&nbsp;and&nbsp;BlackBerry&nbsp;climbed&nbsp;between 2% and 22%.<img src=\"https://static.tigerbbs.com/651826e35e370f92a538cfbb14825d7b\" tg-width=\"364\" tg-height=\"717\" referrerpolicy=\"no-referrer\"></p><p><blockquote>一些模因股票在早盘交易中飙升.GameStop、Zomedica、Naked Brand、Express、KOSS和黑莓上涨了2%至22%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线","EXPR":"Express, Inc.","NEGG":"Newegg Comm Inc.","WKHS":"Workhorse Group, Inc.","HOOD":"Robinhood","KOSS":"高斯电子","GME":"游戏驿站"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128611362","content_text":"Some meme stocks surged in morning trading.GameStop,Zomedica,Naked Brand,Express,KOSS and BlackBerry climbed between 2% and 22%.","news_type":1,"symbols_score_info":{"KOSS":0.9,"SGOC":0.9,"NAKD":0.9,"NEGG":0.9,"HOOD":0.9,"ZOM":0.9,"AMC":0.9,"NKLA":0.9,"MRIN":0.9,"GME":0.9,"EXPR":0.9,"WKHS":0.9}},"isVote":1,"tweetType":1,"viewCount":2293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834598126,"gmtCreate":1629812198765,"gmtModify":1631889131340,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088588911249380","authorIdStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/834598126","repostId":"1191515373","repostType":4,"isVote":1,"tweetType":1,"viewCount":4353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830834100,"gmtCreate":1629042319100,"gmtModify":1631889131350,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088588911249380","authorIdStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/830834100","repostId":"2159214569","repostType":4,"repost":{"id":"2159214569","kind":"highlight","pubTimestamp":1628989290,"share":"https://www.laohunote.com/m/news/2159214569?lang=zh_CN&edition=full","pubTime":"2021-08-15 09:01","market":"us","language":"en","title":"How to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159214569","media":"MarkeWatch","summary":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.So where does Nio $$","content":"<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.</p><p><blockquote>蔚来可能是一家相对较小的公司。但投资者看好这家中国电动汽车制造商的前景。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459f713c5dfcf08752165d643a5f1463\" tg-width=\"700\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>A Nio store in downtown Shanghai. (Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>上海市区的一家蔚来商店。（盖蒂图片社）</span></p></blockquote></p><p> Chinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.</p><p><blockquote>中国电动汽车制造商蔚来在美国不销售汽车，市值为 602 亿美元。按照这个标准，它比成立于1903年的福特汽车公司还要大。</blockquote></p><p> That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.</p><p><blockquote>作为投资者，这对您来说可能有意义——毕竟，蔚来是一家只销售电动汽车的创新型公司。福特是一家传统汽车制造商，正在努力迎头赶上，并最终全面过渡到电动汽车。蔚来的股价在过去一年上涨了两倍多，而福特的股价在过去十年暴跌后几乎翻了一番。</blockquote></p><p> So where does Nio <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a>, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.</p><p><blockquote>那么蔚来在哪里<a href=\"https://laohu8.com/S/NIO\">$(蔚来)$</a>周三股市收盘后公布了第二季度业绩，符合投资论点吗？下面的屏幕显示了其股票估值与汽车产量的比较，以及该估值与 2025 年的预计收益有何关系。</blockquote></p><p> <b>Doubling car production</b></p><p><blockquote><b>汽车产量翻倍</b></blockquote></p><p> For the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车，同比增长112%。增长令人印象深刻，但销售的车辆总数仍然相对较少。</blockquote></p><p> Here's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:</p><p><blockquote>以下是按市值计算的 10 家最大汽车制造商，以及它们第二季度的销量或交付量（如果两者都有报告，以较高者为准）以及表格下方的附加颜色：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d9e9aed76c94544dbe44cde9f7c8bebc\" tg-width=\"931\" tg-height=\"761\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table> You can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc.&nbsp;and Nio, on this list -- may (or may not) become as large as legacy players.</p><p><blockquote><table><tbody><tr></tr></tbody></table>你可以看到，这些估值是关于未来的，届时电动汽车领域的创新者——这份名单上的特斯拉和蔚来——可能（也可能不会）变得与传统企业一样大。</blockquote></p><p> For now, Ford churns out mostly internal combustion engine&nbsp;vehicles at nearly 35 times the rate that Nio makes EVs.</p><p><blockquote>目前，福特生产的主要是内燃机汽车，几乎是蔚来生产电动汽车的 35 倍。</blockquote></p><p> One thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.</p><p><blockquote>需要注意的一件事是，传统汽车制造商并非都以相同的方式报告其销量。大多数不会突破电动汽车销售。</blockquote></p><p> Among those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:</p><p><blockquote>其中，定义各不相同。例如，丰田汽车公司（7203.TO）报告称，第二季度“电动汽车”销量占汽车总销量的26.6%。但该类别包括：</blockquote></p><p> For Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.</p><p><blockquote>对于丰田来说，纯电动汽车仅占第二季度销量的0.2%，而它们占蔚来和特斯拉销量的100%。丰田的插电式混合动力汽车销量占总销量的1.4%。</blockquote></p><p> Volkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.</p><p><blockquote>大众汽车公司报告称，电动汽车销量包括插电混合动力汽车（占第二季度销量的 6.7%）和纯电动汽车（占总销量的 4.4%）。这些数字令人印象深刻：合计11.1%。</blockquote></p><p> For Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.</p><p><blockquote>对于 Bayerische Motoren Werke Aktiengesellschaft（更广为人知的名称是 BWM Group）来说，第二季度电动汽车交付明细尚未公布，但 2021 年上半年，交付了 153,243 辆全电动或插电式混合动力汽车，占总交付量的 11.4%。</blockquote></p><p> <b>Valuation to earnings estimates</b></p><p><blockquote><b>估值与盈利预测</b></blockquote></p><p> For companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.</p><p><blockquote>对于处于早期阶段的公司来说，市盈率的比较可能意义不大。这些公司关注的是增长而不是利润。亚马逊公司就是一个例子。<a href=\"https://laohu8.com/S/AMZN\">$(亚马逊)$</a>几十年来，该公司一直以高市盈率为代价，努力扩展到新的业务领域。</blockquote></p><p> A high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.</p><p><blockquote>高市盈率可以反映投资者对创新的热情，就电动汽车而言，也可以反映行业转型的政治共识。因此，蔚来和特斯拉的市盈率远高于传统汽车制造商。</blockquote></p><p> Then again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.</p><p><blockquote>话又说回来，非常低的市盈率可能表明投资者对老牌制造商过于蔑视，因为他们利用传统汽车持续大量销售的现金流来资助电动汽车的开发。机会可能会被强调。</blockquote></p><p> Normally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.</p><p><blockquote>通常，远期市盈率的计算方法是将股价除以 12 个月每股收益的滚动共识估计。这并不适用于此处列出的所有公司，因此我们使用 2022 年净利润的共识估计。</blockquote></p><p> First, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:</p><p><blockquote>首先，以下是基于当前市值和 FactSet 调查的分析师对 2022 年普遍预期的市盈率。该表包括到 2025 年的年度预测，以及基于当前市值和 2025 年预测的市盈率：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/459439c822252d09b3dfb73cc5d51211\" tg-width=\"1058\" tg-height=\"743\" width=\"100%\" height=\"auto\"> Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&amp;P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.</p><p><blockquote>蔚来预计将于 2023 年实现盈利。展望2024年，其远期市盈率低于特斯拉。为了正确看待未来的市盈率估值，标普500指数的交易加权为 2022 年每股收益共识预期的 20.5 倍。</blockquote></p><p> <b>Valuation to sales</b></p><p><blockquote><b>销售额估值</b></blockquote></p><p> <table>  <tbody>   <tr></tr>   <tr></tr>  </tbody> </table> Forward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.</p><p><blockquote><table><tbody><tr></tr><tr></tr></tbody></table>对于利润或净亏损较低的早期公司来说，远期销售价格估算可能更有用。话又说回来，同样的扭曲也适用：投资者现在喜欢纯粹的电动汽车制造商，当你考虑到蔚来的股价在过去一年里上涨了两倍多，而特斯拉的股价上涨了150%时，他们可能会为它们支付过高的价格。</blockquote></p><p> Here's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:</p><p><blockquote>以下是一组类似的驱动市销率的数据，再次使用当前市值（在本文顶部的第一个表格中）和以百万美元为单位的全年共识估计值：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8c0b7d002e07914e42fcdf0e624b25c\" tg-width=\"1051\" tg-height=\"668\" width=\"100%\" height=\"auto\"> For reference, the S&amp;P 500 trades for 2.7 times its consensus 2022 sales estimate.</p><p><blockquote>作为参考，标普500的交易价格是其 2022 年销量普遍预期的 2.7 倍。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <b>Analysts' opinions</b></p><p><blockquote><table><tbody><tr></tr></tbody></table><b>分析师意见</b></blockquote></p><p> Here's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:</p><p><blockquote>以下是 FactSet 调查的分析师对 10 家汽车制造商的意见摘要。对于主要在美国境外上市的公司，使用当地股票代码。所有股价和目标均以当地货币计算：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/32f38063eabf2e93f73561a0454a44ac\" tg-width=\"1059\" tg-height=\"639\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table></p><p><blockquote><table><tbody><tr></tr></tbody></table></blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarkeWatch</strong><span class=\"h-time small\">2021-08-15 09:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.</p><p><blockquote>蔚来可能是一家相对较小的公司。但投资者看好这家中国电动汽车制造商的前景。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459f713c5dfcf08752165d643a5f1463\" tg-width=\"700\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>A Nio store in downtown Shanghai. (Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>上海市区的一家蔚来商店。（盖蒂图片社）</span></p></blockquote></p><p> Chinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.</p><p><blockquote>中国电动汽车制造商蔚来在美国不销售汽车，市值为 602 亿美元。按照这个标准，它比成立于1903年的福特汽车公司还要大。</blockquote></p><p> That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.</p><p><blockquote>作为投资者，这对您来说可能有意义——毕竟，蔚来是一家只销售电动汽车的创新型公司。福特是一家传统汽车制造商，正在努力迎头赶上，并最终全面过渡到电动汽车。蔚来的股价在过去一年上涨了两倍多，而福特的股价在过去十年暴跌后几乎翻了一番。</blockquote></p><p> So where does Nio <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a>, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.</p><p><blockquote>那么蔚来在哪里<a href=\"https://laohu8.com/S/NIO\">$(蔚来)$</a>周三股市收盘后公布了第二季度业绩，符合投资论点吗？下面的屏幕显示了其股票估值与汽车产量的比较，以及该估值与 2025 年的预计收益有何关系。</blockquote></p><p> <b>Doubling car production</b></p><p><blockquote><b>汽车产量翻倍</b></blockquote></p><p> For the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车，同比增长112%。增长令人印象深刻，但销售的车辆总数仍然相对较少。</blockquote></p><p> Here's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:</p><p><blockquote>以下是按市值计算的 10 家最大汽车制造商，以及它们第二季度的销量或交付量（如果两者都有报告，以较高者为准）以及表格下方的附加颜色：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d9e9aed76c94544dbe44cde9f7c8bebc\" tg-width=\"931\" tg-height=\"761\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table> You can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc.&nbsp;and Nio, on this list -- may (or may not) become as large as legacy players.</p><p><blockquote><table><tbody><tr></tr></tbody></table>你可以看到，这些估值是关于未来的，届时电动汽车领域的创新者——这份名单上的特斯拉和蔚来——可能（也可能不会）变得与传统企业一样大。</blockquote></p><p> For now, Ford churns out mostly internal combustion engine&nbsp;vehicles at nearly 35 times the rate that Nio makes EVs.</p><p><blockquote>目前，福特生产的主要是内燃机汽车，几乎是蔚来生产电动汽车的 35 倍。</blockquote></p><p> One thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.</p><p><blockquote>需要注意的一件事是，传统汽车制造商并非都以相同的方式报告其销量。大多数不会突破电动汽车销售。</blockquote></p><p> Among those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:</p><p><blockquote>其中，定义各不相同。例如，丰田汽车公司（7203.TO）报告称，第二季度“电动汽车”销量占汽车总销量的26.6%。但该类别包括：</blockquote></p><p> For Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.</p><p><blockquote>对于丰田来说，纯电动汽车仅占第二季度销量的0.2%，而它们占蔚来和特斯拉销量的100%。丰田的插电式混合动力汽车销量占总销量的1.4%。</blockquote></p><p> Volkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.</p><p><blockquote>大众汽车公司报告称，电动汽车销量包括插电混合动力汽车（占第二季度销量的 6.7%）和纯电动汽车（占总销量的 4.4%）。这些数字令人印象深刻：合计11.1%。</blockquote></p><p> For Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.</p><p><blockquote>对于 Bayerische Motoren Werke Aktiengesellschaft（更广为人知的名称是 BWM Group）来说，第二季度电动汽车交付明细尚未公布，但 2021 年上半年，交付了 153,243 辆全电动或插电式混合动力汽车，占总交付量的 11.4%。</blockquote></p><p> <b>Valuation to earnings estimates</b></p><p><blockquote><b>估值与盈利预测</b></blockquote></p><p> For companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.</p><p><blockquote>对于处于早期阶段的公司来说，市盈率的比较可能意义不大。这些公司关注的是增长而不是利润。亚马逊公司就是一个例子。<a href=\"https://laohu8.com/S/AMZN\">$(亚马逊)$</a>几十年来，该公司一直以高市盈率为代价，努力扩展到新的业务领域。</blockquote></p><p> A high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.</p><p><blockquote>高市盈率可以反映投资者对创新的热情，就电动汽车而言，也可以反映行业转型的政治共识。因此，蔚来和特斯拉的市盈率远高于传统汽车制造商。</blockquote></p><p> Then again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.</p><p><blockquote>话又说回来，非常低的市盈率可能表明投资者对老牌制造商过于蔑视，因为他们利用传统汽车持续大量销售的现金流来资助电动汽车的开发。机会可能会被强调。</blockquote></p><p> Normally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.</p><p><blockquote>通常，远期市盈率的计算方法是将股价除以 12 个月每股收益的滚动共识估计。这并不适用于此处列出的所有公司，因此我们使用 2022 年净利润的共识估计。</blockquote></p><p> First, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:</p><p><blockquote>首先，以下是基于当前市值和 FactSet 调查的分析师对 2022 年普遍预期的市盈率。该表包括到 2025 年的年度预测，以及基于当前市值和 2025 年预测的市盈率：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/459439c822252d09b3dfb73cc5d51211\" tg-width=\"1058\" tg-height=\"743\" width=\"100%\" height=\"auto\"> Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&amp;P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.</p><p><blockquote>蔚来预计将于 2023 年实现盈利。展望2024年，其远期市盈率低于特斯拉。为了正确看待未来的市盈率估值，标普500指数的交易加权为 2022 年每股收益共识预期的 20.5 倍。</blockquote></p><p> <b>Valuation to sales</b></p><p><blockquote><b>销售额估值</b></blockquote></p><p> <table>  <tbody>   <tr></tr>   <tr></tr>  </tbody> </table> Forward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.</p><p><blockquote><table><tbody><tr></tr><tr></tr></tbody></table>对于利润或净亏损较低的早期公司来说，远期销售价格估算可能更有用。话又说回来，同样的扭曲也适用：投资者现在喜欢纯粹的电动汽车制造商，当你考虑到蔚来的股价在过去一年里上涨了两倍多，而特斯拉的股价上涨了150%时，他们可能会为它们支付过高的价格。</blockquote></p><p> Here's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:</p><p><blockquote>以下是一组类似的驱动市销率的数据，再次使用当前市值（在本文顶部的第一个表格中）和以百万美元为单位的全年共识估计值：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8c0b7d002e07914e42fcdf0e624b25c\" tg-width=\"1051\" tg-height=\"668\" width=\"100%\" height=\"auto\"> For reference, the S&amp;P 500 trades for 2.7 times its consensus 2022 sales estimate.</p><p><blockquote>作为参考，标普500的交易价格是其 2022 年销量普遍预期的 2.7 倍。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <b>Analysts' opinions</b></p><p><blockquote><table><tbody><tr></tr></tbody></table><b>分析师意见</b></blockquote></p><p> Here's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:</p><p><blockquote>以下是 FactSet 调查的分析师对 10 家汽车制造商的意见摘要。对于主要在美国境外上市的公司，使用当地股票代码。所有股价和目标均以当地货币计算：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/32f38063eabf2e93f73561a0454a44ac\" tg-width=\"1059\" tg-height=\"639\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table></p><p><blockquote><table><tbody><tr></tr></tbody></table></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=mw_quote_news\">MarkeWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车","TSLA":"特斯拉","STLA":"Stellantis NV","F":"福特汽车","HMC":"本田汽车","NIO":"蔚来"},"source_url":"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=mw_quote_news","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159214569","content_text":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.\nA Nio store in downtown Shanghai. (Getty Images)\nChinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.\nThat might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.\nSo where does Nio $(NIO)$, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.\nDoubling car production\nFor the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.\nHere's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:\n\n\n\n\n\n\nYou can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc. and Nio, on this list -- may (or may not) become as large as legacy players.\nFor now, Ford churns out mostly internal combustion engine vehicles at nearly 35 times the rate that Nio makes EVs.\nOne thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.\nAmong those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:\nFor Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.\nVolkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.\nFor Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.\nValuation to earnings estimates\nFor companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. $(AMZN)$, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.\nA high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.\nThen again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.\nNormally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.\nFirst, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:\n\nNio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.\nValuation to sales\n\n\n\n\n\n\nForward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.\nHere's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:\n\nFor reference, the S&P 500 trades for 2.7 times its consensus 2022 sales estimate.\n\n\n\n\n\nAnalysts' opinions\nHere's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:","news_type":1,"symbols_score_info":{"STLA":0.9,"GM":0.9,"NIO":0.9,"TSLA":0.9,"HMC":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":3366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897846633,"gmtCreate":1628908091222,"gmtModify":1631889131360,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088588911249380","authorIdStr":"4088588911249380"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TLMD\">$Soc Telemed Inc(TLMD)$</a>will this go up?&nbsp;","listText":"<a href=\"https://laohu8.com/S/TLMD\">$Soc Telemed Inc(TLMD)$</a>will this go up?&nbsp;","text":"$Soc Telemed Inc(TLMD)$will this go up?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897846633","isVote":1,"tweetType":1,"viewCount":4836,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898636990,"gmtCreate":1628491223210,"gmtModify":1631889131370,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088588911249380","authorIdStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898636990","repostId":"2158414718","repostType":4,"isVote":1,"tweetType":1,"viewCount":4024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898638505,"gmtCreate":1628491174307,"gmtModify":1631889131385,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088588911249380","authorIdStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Go go go&nbsp;","listText":"Go go go&nbsp;","text":"Go go go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898638505","repostId":"1164323845","repostType":4,"repost":{"id":"1164323845","kind":"news","pubTimestamp":1628487986,"share":"https://www.laohunote.com/m/news/1164323845?lang=zh_CN&edition=full","pubTime":"2021-08-09 13:46","market":"us","language":"en","title":"Sohu.com Reports Second Quarter 2021 Unaudited Financial Results<blockquote>搜狐网报告2021年第二季度未经审计财务业绩</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164323845","media":"搜狐","summary":"BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video","content":"<p>BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video, gaming and search business group, today reported unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>北京，八月。2021 年 9 月 9 日/美通社/ --中国领先的在线媒体、视频、游戏和搜索业务集团搜狐网有限公司（纳斯达克：搜狐）今天公布了截至 2021 年 6 月 30 日的第二季度未经审计的财务业绩。</blockquote></p><p> In view of the previously-announced Share Purchase Agreement&nbsp;between subsidiaries of Tencent Holdings Limited (\"Tencent\") and the Company and its wholly-owned subsidiarySohu.com (Search) Limited(\"Sohu Search\") with respect to Sohu Search's&nbsp;Sogou Inc.(\"Sogou\") shares (the \"Sogou Share Purchase\"),&nbsp;the&nbsp;results of operations for Sogou have been excluded from the Company's results from continuing operations in the Company's condensed consolidated statements of operations and are presented in separate line items as discontinued operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, results presented in this release are related to continuing operations only[1].</p><p><blockquote>鉴于先前公布腾讯控股控股有限公司（「腾讯控股」）附属公司与本公司及其全资附属公司搜狐网（搜索）有限公司（「搜狐搜索」）就搜狐搜索的搜狗股份有限公司（「搜狗」）股份（「搜狗股份购买」）订立股份购买协议（「搜狗股份购买」），搜狗的经营业绩已于本公司简明综合经营报表的本公司持续经营业绩中剔除，并作为已终止经营业务以独立项目呈列。已对历史报表作出追溯调整，以提供一致的比较基准。除非另有说明，否则本新闻稿中呈现的结果仅与持续操作相关[1]。</blockquote></p><p> <b>Second Quarter Highlights</b></p><p><blockquote><b>第二季度亮点</b></blockquote></p><p> <ul>  <li>Total revenues wereUS$204 million[2], up 28% year-over-year and down 8% quarter-over-quarter.</li>  <li>Brand advertising revenues wereUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter.</li>  <li>Online game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter.</li>  <li>GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, compared with net income ofUS$11 million[3]in the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</li>  <li>Non-GAAP[4]net income from continuing operations attributable toSohu.com LimitedwasUS$25 million, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.</li> </ul> Dr.Charles Zhang, Chairman and CEO ofSohu.com Limited, commented, \"For the second quarter of 2021, despite the negative impact of COVID-19, we kept exploring new monetization opportunities while strictly controlling the budget. Thanks to the outperformance of our online game business, our profitability exceeded the prior guidance. For Sohu Media, we focused on innovating our products and technology, and effectively promoting the generation and distribution of high-quality content. For Sohu Video, we continued to execute our \"Twin engine\" strategy of developing high quality long-form and short-form content, while at the same time refining our advanced live broadcasting technologies and rolling them out to various applications. We were also able to diversify our revenue sources and better capture advertising budgets by integrating our live broadcasting technologies into our unique events. For Changyou, online games performed well during the quarter, and its revenue exceeded the high end of our prior guidance.\"</p><p><blockquote><ul><li>总收入为2.04亿美元[2]，同比增长28%，环比下降8%。</li><li>品牌广告收入为3700万美元，同比下降3%，环比增长20%。</li><li>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。</li><li>归属于sohu.com Limited的GAAP持续经营业务净利润为2200万美元，而2020年第二季度净利润为1100万美元[3]，2021年第一季度净利润为3200万美元。</li><li>非公认会计准则[4]搜狐网有限公司应占持续经营业务净利润为2500万美元，而2020年第二季度净利润为1200万美元，2021年第一季度净利润为3700万美元。</li></ul>搜狐网有限公司董事长兼首席执行官Charles Zhang博士评论道：“2021年第二季度，尽管受到COVID-19的负面影响，我们在严格控制预算的同时，继续探索新的货币化机会。得益于我们在线游戏业务的优异表现，我们的盈利能力超过了之前的指导。对于搜狐传媒，我们专注于产品和技术的创新，并有效促进高质量内容的生成和分发。在搜狐视频方面，我们继续执行“双引擎”战略，开发高质量的长格式和短格式内容，同时完善我们先进的直播技术，并将其推广到各种应用中。透过将直播技术整合到我们独特的活动中，我们亦得以实现收入来源多元化，并更好地获取广告预算。对于畅游来说，本季度网络游戏表现良好，营收超过了我们此前指引的高端。”</blockquote></p><p> <table>  <tbody>   <tr>    <td>[1] The parties currently expect the completion of the transaction will be during the second half of 2021, subject to the satisfaction or waiver of all the conditions to the transaction.</p><p><blockquote><table><tbody><tr><td>[1]双方目前预计交易将于2021年下半年完成，前提是交易的所有条件得到满足或豁免。</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[2] On a constant currency (non-GAAP) basis, if the exchange rate in the second quarter of 2021 had been the same as it was in the second quarter of 2020, orRMB7.08=US$1.00, US$ total revenues in the second quarter of 2021 would have beenUS$186 million, orUS$18 millionless than GAAP total revenues, and up 17% year-over-year.</p><p><blockquote><tr><td>[2]按固定汇率（非美国通用会计准则）计算，若2021年第二季度汇率与2020年第二季度相同，orRMB7.08=1.00美元，2021年第二季度美元总收入将为1.86亿美元，比美国通用会计准则总收入少1800万美元，同比增长17%。</td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>[3] Both the GAAP and non-GAAP net income from continuing operations attributable toSohu.com Limitedfor the second quarter of 2020 mentioned in this release excluded the impact of an additional accrual of withholding income tax ofUS$88 millionrecognized by Changyou in that quarter following completion of the Changyou privatization, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends.</p><p><blockquote><tr><td>[3]本新闻稿中提及的搜狐网有限公司2020年第二季度的GAAP和非GAAP持续经营业务净利润均不包括畅游私有化完成后该季度确认的额外预提所得税8800万美元的影响，因为畅游改变了其中国子公司有关现金股息分配的政策。</td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>[4] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the one-time transition tax (the \"Toll Charge\") imposed by theU.S.Tax Cuts and Jobs Act signed into law onDecember 22, 2017(the \"U.S.TCJA\"). 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.\"</p><p><blockquote><tr><td>[4] 非 GAAP 业绩不包括基于股票的薪酬费用；本公司合并经营报表中就公允价值可随时厘定的股权投资确认的公允价值变动；就与本公司核心业务无关的投资确认的减值费用；以及与美国征收的一次性过渡税（“通行费”）相关确认的利息支出。减税和就业法案于2017年12月22日签署成为法律（“美国TCJA”）。公司非 GAAP 财务指标的解释以及与 GAAP 财务指标的相关调节包含在随附的“非 GAAP 披露”和“非 GAAP 经营业绩指标与最接近的可比 GAAP 指标的调节”中。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Second Quarter Financial Results</b></p><p><blockquote><b>第二季度财务业绩</b></blockquote></p><p> <b><i>Revenues</i></b></p><p><blockquote><b><i>收入</i></b></blockquote></p><p> Total revenues wereUS$204 million, up 28% year-over-year and down 8% quarter-over-quarter.</p><p><blockquote>总收入为2.04亿美元，同比增长28%，环比下降8%。</blockquote></p><p></p><p> Brand advertising revenues totaledUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter. The quarter-over-quarter increase was mainly attributable to a seasonality increase and our continuing efforts to boost our revenues in portal and video advertising.</p><p><blockquote>品牌广告收入总计3700万美元，同比下降3%，环比增长20%。环比增长主要归因于季节性增长以及我们持续努力提高门户网站和视频广告收入。</blockquote></p><p> Online game revenues wereUS$151 million, up 43% year-over-year and down 14%&nbsp;quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC.</p><p><blockquote>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。同比增长主要得益于2020年第四季度推出的TLBB Vintage。环比下降主要是由于TLBB PC的自然下降。</blockquote></p><p> <b><i>Gross Margin</i></b></p><p><blockquote><b><i>毛利率</i></b></blockquote></p><p> Both GAAP and non-GAAP gross margin was 76%,&nbsp;compared with 67% in the second quarter of 2020 and 79% in the first quarter of 2021.</p><p><blockquote>GAAP 和非 GAAP 毛利率均为 76%，而 2020 年第二季度为 67%，2021 年第一季度为 79%。</blockquote></p><p> GAAP gross margin for the brand advertising business was&nbsp;27%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.&nbsp;Non-GAAP gross margin for the brand advertising business was&nbsp;28%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.The year-over-year decrease was mainly due to increases in costs of events hosted in the second quarter of 2021, which have been resumed to a large extent with the easing of COVID-19. The quarter-over-quarter increase was mainly due to increased revenues in the portal and video advertising businesses.</p><p><blockquote>品牌广告业务的GAAP毛利率为27%，而2020年第二季度为40%，2021年第一季度为20%。品牌广告业务的非GAAP毛利率为28%，而2020年第二季度为40%，2021年第一季度为20%。同比减少主要由于2021年第二季度举办的活动成本增加，而随着COVID-19的缓解，这些活动已在很大程度上恢复。环比增长主要是由于门户网站和视频广告业务的收入增加。</blockquote></p><p> GAAP gross margin for online games was 89%, compared with 77% in the second quarter of 2020 and 89% in the first quarter of 2021. Non-GAAP gross margin for online games was 89%, compared with 78% in the second quarter of 2020 and 90% in the first quarter of 2021. The year-over-year increase in gross margin was mainly due to a higher percentage revenue contribution from PC games, which typically require lower revenue-sharing payments.</p><p><blockquote>网络游戏的 GAAP 毛利率为 89%，而 2020 年第二季度为 77%，2021 年第一季度为 89%。网络游戏的非 GAAP 毛利率为 89%，而 2020 年第二季度为 78%，2021 年第一季度为 90%。毛利率同比增加主要由于电脑游戏的收入贡献百分比较高，而电脑游戏通常需要较低的收入分成付款。</blockquote></p><p> <b><i>Operating Expenses</i></b></p><p><blockquote><b><i>营运开支</i></b></blockquote></p><p> For the&nbsp;second quarter of 2021, GAAP operating expenses totaledUS$130 million, up 23% year-over-year and 5% quarter-over-quarter. Non-GAAP operating expenses wereUS$127 million, up 25% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to increases in marketing expenses and salary and benefits expenses.</p><p><blockquote>2021年第二季度，GAAP运营费用总计1.3亿美元，同比增长23%，环比增长5%。非 GAAP 运营费用为 1.27 亿美元，同比增长 25%，环比增长 4%。同比增加主要是由于市场营销费用及薪资福利费用增加所致。</blockquote></p><p> <b>O</b><b><i>perating Profit</i></b></p><p><blockquote><b>O</b><b><i>盈利预测</i></b></blockquote></p><p> GAAP operating profit wasUS$25 million, compared with an operating profit of&nbsp;US$1 million in the second quarter of 2020 and an operating profit ofUS$51 millionin the first quarter of 2021.</p><p><blockquote>GAAP营业利润为2500万美元，而2020年第二季度营业利润为100万美元，2021年第一季度营业利润为5100万美元。</blockquote></p><p> Non-GAAP operating profit was&nbsp;US$28 million, compared with an operating profit of&nbsp;US$5&nbsp;million&nbsp;in the&nbsp;second quarter of 2020 and an operating profit ofUS$53million&nbsp;in the first quarter of 2021.</p><p><blockquote>非美国通用会计准则营业利润为2800万美元，而2020年第二季度营业利润为500万美元，2021年第一季度营业利润为5300万美元。</blockquote></p><p> <b><i>Income Tax Expense</i></b></p><p><blockquote><b><i>所得税开支</i></b></blockquote></p><p> GAAP income tax expense wasUS$11 million, compared with income tax expense ofUS$86 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. Non-GAAP income tax expense wasUS$9 million, compared with income tax expense ofUS$83 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. The income tax expense in the second quarter of 2021 included a one-time tax benefit ofUS$9 millionrecognized by Changyou after final settlement of its income tax due for 2020. For the second quarter of 2020, Changyou recognized an additional accrual of withholding income tax ofUS$88 million, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends after the completion of the privatization of Changyou.</p><p><blockquote>GAAP所得税费用为1100万美元，而2020年第二季度所得税费用为8600万美元，2021年第一季度所得税费用为2300万美元。非GAAP所得税费用为900万美元，而2020年第二季度所得税费用为8300万美元，2021年第一季度所得税费用为2300万美元。2021年第二季度的所得税开支包括畅游于2020年到期所得税最终结算后确认的900万美元的一次性税收优惠。于二零二零年第二季度，畅游确认额外预提所得税8,800万美元，原因是畅游在完成私有化后改变了其中国附属公司有关现金股息分派的政策。</blockquote></p><p> <b><i>Net Income</i></b></p><p><blockquote><b><i>净收入</i></b></blockquote></p><p> GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, or net income ofUS$0.55&nbsp;per fully-diluted ADS,&nbsp;compared with net income ofUS$11 millionin the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</p><p><blockquote>归属于sohu.com Limited的GAAP持续经营业务净利润为2200万美元，即每股完全稀释ADS净利润为0.55美元，而2020年第二季度净利润为1100万美元，2021年第一季度净利润为3200万美元。</blockquote></p><p> Non-GAAP net&nbsp;income from continuing operations&nbsp;attributable toSohu.com Limitedwas US$25&nbsp;million,&nbsp;or net income ofUS$0.63&nbsp;per fully-diluted ADS,&nbsp;compared with&nbsp;net income&nbsp;ofUS$12 millionin the&nbsp;second quarter of 2020 and net income&nbsp;ofUS$37 millionin the first quarter of 2021.</p><p><blockquote>归属于搜狐网有限公司的非公认会计准则持续经营业务净利润为 2500 万美元，即每股完全稀释美国存托凭证净利润为 0.63 美元，而 2020 年第二季度净利润为 1200 万美元，2021 年第一季度净利润为 3700 万美元。</blockquote></p><p> <b><i>Liquidity</i></b></p><p><blockquote><b><i>流动性</i></b></blockquote></p><p> As ofJune 30, 2021, cash and cash equivalents and short-term investments wereUS$349 million.</p><p><blockquote>截至2021年6月30日，现金及现金等价物以及短期投资为3.49亿美元。</blockquote></p><p> <b>Supplementary Information for Changyou Results</b></p><p><blockquote><b>畅游业绩补充资料</b></blockquote></p><p> <b><i>Second&nbsp;Quarter 2021 Operating Results</i></b></p><p><blockquote><b><i>2021年第二季度经营业绩</i></b></blockquote></p><p></p><p> <ul>  <li>For PC games, total average monthly active user accounts[5](MAU) were 2.1 million, an increase of 9% year-over-year and a decrease of 8% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020, partially offset by termination of the operation of Warframe. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC. Total quarterly aggregate active paying accounts[6](APA) were 0.9 million, a decrease of 3% year-over-year and 4% quarter-over-quarter.</li>  <li>For mobile games, total average MAU were 1.9 million, a decrease of 39% year-over-year and 7% quarter-over-quarter. The year-over-year decrease was mainly from Legacy TLBB Mobile and TLBB Honor. The quarter-over-quarter decrease was mainly due to TLBB Honor. Total quarterly APA were 0.5 million, a decrease of 21% year-over-year and an increase of 5% quarter-over-quarter. The year-over-year and quarter-over-quarter changes were mainly due to TLBB Honor.</li> </ul> <table>  <tbody>   <tr>    <td>[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.</p><p><blockquote><ul><li>PC游戏方面，月均活跃用户账户[5]（MAU）总数为210万，同比增长9%，环比下降8%。同比增长主要是由于2020年第四季度推出的TLBB Vintage，部分被Warframe运营的终止所抵消。环比下降主要是由于TLBB PC的自然下降。季度活跃支付账户总数[6]（APA）为90万个，同比下降3%，环比下降4%。</li><li>移动游戏方面，总平均MAU为190万，同比下降39%，环比下降7%。同比下降主要来自传统的 TLBB Mobile 和 TLBB Honor。环比下降主要是由于TLBB荣誉。季度APA总额为50万，同比下降21%，环比增长5%。同比和环比变化主要是由于TLBB荣誉。</li></ul><table><tbody><tr><td>[5]月活跃用户帐户是指当月内至少登陆该等游戏一次的注册帐户数量。</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.</p><p><blockquote><tr><td>[6]季度累计活跃支付账户是指在季度内至少使用一次游戏积分的账户数量。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b><i>Second Quarter 2021 Unaudited Financial Results</i></b></p><p><blockquote><b><i>2021年第二季度未经审计财务业绩</i></b></blockquote></p><p> <b>Total revenues</b>&nbsp;wereUS$154 million, an increase of 41% year-over-year and a decrease of 14% quarter-over-quarter. Online game revenues wereUS$151 million, an increase of 43% year-over-year and a decrease of 14% quarter-over-quarter. Online advertising revenues wereUS$3 million, a decrease of 19% year-over-year and 11% quarter-over-quarter.</p><p><blockquote><b>收入总额</b>为1.54亿美元，同比增长41%，环比下降14%。网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。在线广告收入为300万美元，同比下降19%，环比下降11%。</blockquote></p><p> <b>GAAP and non-GAAP gross profit</b>were bothUS$136 million, an increase of 61% year-over-year and a decrease of 15% quarter-over-quarter.</p><p><blockquote><b>公认会计准则和非公认会计准则毛利润</b>均为 1.36 亿美元，同比增长 61%，环比下降 15%。</blockquote></p><p> <b>GAAP operating expenses</b>&nbsp;wereUS$63 million, an increase of 24% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to an increase in bonus expenses related to revenue growth, as well as an increase in marketing and promotional spending for online games.</p><p><blockquote><b>GAAP 运营费用</b>为6300万美元，同比增长24%，环比增长4%。同比增加主要是由于与收入增长相关的奖金支出增加，以及网络游戏的营销和推广支出增加。</blockquote></p><p> <b>Non-GAAP operating expenses</b>&nbsp;wereUS$61 million, an increase of 28% year-over-year and 4% quarter-over-quarter.</p><p><blockquote><b>非 GAAP 运营费用</b>为 6100 万美元，同比增长 28%，环比增长 4%。</blockquote></p><p> <b>GAAP operating profit</b>&nbsp;wasUS$73 million, compared with an operating profit ofUS$33 millionfor the second quarter of 2020 andUS$99 millionfor the first quarter of 2021.</p><p><blockquote><b>GAAP 营业利润</b>为7300万美元，而2020年第二季度的营业利润为3300万美元，2021年第一季度的营业利润为9900万美元。</blockquote></p><p> <b>Non-GAAP operating profit</b>&nbsp;wasUS$75 million, compared with a non-GAAP operating profit ofUS$37 millionfor the second quarter of 2020 andUS$101 millionfor the first quarter of 2021.</p><p><blockquote><b>非 GAAP 营业利润</b>为 7500 万美元，而 2020 年第二季度非 GAAP 营业利润为 3700 万美元，2021 年第一季度为 1.01 亿美元。</blockquote></p><p> <b>Business Outlook</b></p><p><blockquote><b>业务展望</b></blockquote></p><p> For the third quarter of 2021, Sohu estimates:</p><p><blockquote>对于2021年第三季度，搜狐预计：</blockquote></p><p> <ul>  <li>Brand advertising revenues to be between US$35&nbsp;million andUS$39 million; this implies an annual decrease of 5% to 15% and a sequential&nbsp;decrease of 5% to a sequential&nbsp;increase 6%.</li>  <li>Online game revenues to be betweenUS$145 millionandUS$155 million; this implies an annual increase of 43% to 53% and a sequential decrease of 4% to a sequential&nbsp;increase 2%.</li>  <li>Non-GAAP net income from continuing operations attributable toSohu.com Limitedto be between nil andUS$10 million; and GAAP net income/(loss) from continuing operations attributable toSohu.com Limitedto be between a net loss ofUS$4 millionand a net income ofUS$6 million.</li> </ul> For the third&nbsp;quarter 2021 guidance, the Company has adopted a presumed exchange rate ofRMB6.47=US$1.00, as compared with the actual exchange rate of approximatelyRMB6.92=US$1.00for the third&nbsp;quarter of 2020, andRMB6.46=US$1.00&nbsp;for the second&nbsp;quarter of 2021.</p><p><blockquote><ul><li>品牌广告收入将在3500万美元至3900万美元之间；这意味着每年减少5%至15%，连续减少5%至连续增加6%。</li><li>网络游戏收入将在1.45亿美元至1.55亿美元之间；这意味着每年增长43%至53%，连续下降4%至连续增长2%。</li><li>Sohu.com Limited 应占的非 GAAP 持续经营业务净利润在零至 1000 万美元之间；Sohu.com Limited 应占的 GAAP 持续经营业务净利润/（亏损）介于净亏损 400 万美元至净利润 600 万美元之间。</li></ul>就2021年第三季度指引而言，本公司采用人民币6.47元=1.00美元的假设汇率，而2020年第三季度的实际汇率约为人民币6.92元=1.00美元，2021年第二季度的实际汇率约为人民币6.46元=1.00美元。</blockquote></p><p> This forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty, particularly in view of the potential ongoing impact of the worldwide COVID-19 pandemic, which remains difficult to predict.<img src=\"https://static.tigerbbs.com/4782b452132d214df35cd21432e44916\" tg-width=\"682\" tg-height=\"844\" referrerpolicy=\"no-referrer\"></p><p><blockquote>该预测反映了搜狐管理层的当前和初步观点，该观点存在重大不确定性，特别是考虑到全球范围内的 COVID-19 大流行的潜在持续影响，这仍然难以预测。</blockquote></p><p></p>","source":"sh","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSohu.com Reports Second Quarter 2021 Unaudited Financial Results<blockquote>搜狐网报告2021年第二季度未经审计财务业绩</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">搜狐</strong><span class=\"h-time small\">2021-08-09 13:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video, gaming and search business group, today reported unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>北京，八月。2021 年 9 月 9 日/美通社/ --中国领先的在线媒体、视频、游戏和搜索业务集团搜狐网有限公司（纳斯达克：搜狐）今天公布了截至 2021 年 6 月 30 日的第二季度未经审计的财务业绩。</blockquote></p><p> In view of the previously-announced Share Purchase Agreement&nbsp;between subsidiaries of Tencent Holdings Limited (\"Tencent\") and the Company and its wholly-owned subsidiarySohu.com (Search) Limited(\"Sohu Search\") with respect to Sohu Search's&nbsp;Sogou Inc.(\"Sogou\") shares (the \"Sogou Share Purchase\"),&nbsp;the&nbsp;results of operations for Sogou have been excluded from the Company's results from continuing operations in the Company's condensed consolidated statements of operations and are presented in separate line items as discontinued operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, results presented in this release are related to continuing operations only[1].</p><p><blockquote>鉴于先前公布腾讯控股控股有限公司（「腾讯控股」）附属公司与本公司及其全资附属公司搜狐网（搜索）有限公司（「搜狐搜索」）就搜狐搜索的搜狗股份有限公司（「搜狗」）股份（「搜狗股份购买」）订立股份购买协议（「搜狗股份购买」），搜狗的经营业绩已于本公司简明综合经营报表的本公司持续经营业绩中剔除，并作为已终止经营业务以独立项目呈列。已对历史报表作出追溯调整，以提供一致的比较基准。除非另有说明，否则本新闻稿中呈现的结果仅与持续操作相关[1]。</blockquote></p><p> <b>Second Quarter Highlights</b></p><p><blockquote><b>第二季度亮点</b></blockquote></p><p> <ul>  <li>Total revenues wereUS$204 million[2], up 28% year-over-year and down 8% quarter-over-quarter.</li>  <li>Brand advertising revenues wereUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter.</li>  <li>Online game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter.</li>  <li>GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, compared with net income ofUS$11 million[3]in the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</li>  <li>Non-GAAP[4]net income from continuing operations attributable toSohu.com LimitedwasUS$25 million, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.</li> </ul> Dr.Charles Zhang, Chairman and CEO ofSohu.com Limited, commented, \"For the second quarter of 2021, despite the negative impact of COVID-19, we kept exploring new monetization opportunities while strictly controlling the budget. Thanks to the outperformance of our online game business, our profitability exceeded the prior guidance. For Sohu Media, we focused on innovating our products and technology, and effectively promoting the generation and distribution of high-quality content. For Sohu Video, we continued to execute our \"Twin engine\" strategy of developing high quality long-form and short-form content, while at the same time refining our advanced live broadcasting technologies and rolling them out to various applications. We were also able to diversify our revenue sources and better capture advertising budgets by integrating our live broadcasting technologies into our unique events. For Changyou, online games performed well during the quarter, and its revenue exceeded the high end of our prior guidance.\"</p><p><blockquote><ul><li>总收入为2.04亿美元[2]，同比增长28%，环比下降8%。</li><li>品牌广告收入为3700万美元，同比下降3%，环比增长20%。</li><li>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。</li><li>归属于sohu.com Limited的GAAP持续经营业务净利润为2200万美元，而2020年第二季度净利润为1100万美元[3]，2021年第一季度净利润为3200万美元。</li><li>非公认会计准则[4]搜狐网有限公司应占持续经营业务净利润为2500万美元，而2020年第二季度净利润为1200万美元，2021年第一季度净利润为3700万美元。</li></ul>搜狐网有限公司董事长兼首席执行官Charles Zhang博士评论道：“2021年第二季度，尽管受到COVID-19的负面影响，我们在严格控制预算的同时，继续探索新的货币化机会。得益于我们在线游戏业务的优异表现，我们的盈利能力超过了之前的指导。对于搜狐传媒，我们专注于产品和技术的创新，并有效促进高质量内容的生成和分发。在搜狐视频方面，我们继续执行“双引擎”战略，开发高质量的长格式和短格式内容，同时完善我们先进的直播技术，并将其推广到各种应用中。透过将直播技术整合到我们独特的活动中，我们亦得以实现收入来源多元化，并更好地获取广告预算。对于畅游来说，本季度网络游戏表现良好，营收超过了我们此前指引的高端。”</blockquote></p><p> <table>  <tbody>   <tr>    <td>[1] The parties currently expect the completion of the transaction will be during the second half of 2021, subject to the satisfaction or waiver of all the conditions to the transaction.</p><p><blockquote><table><tbody><tr><td>[1]双方目前预计交易将于2021年下半年完成，前提是交易的所有条件得到满足或豁免。</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[2] On a constant currency (non-GAAP) basis, if the exchange rate in the second quarter of 2021 had been the same as it was in the second quarter of 2020, orRMB7.08=US$1.00, US$ total revenues in the second quarter of 2021 would have beenUS$186 million, orUS$18 millionless than GAAP total revenues, and up 17% year-over-year.</p><p><blockquote><tr><td>[2]按固定汇率（非美国通用会计准则）计算，若2021年第二季度汇率与2020年第二季度相同，orRMB7.08=1.00美元，2021年第二季度美元总收入将为1.86亿美元，比美国通用会计准则总收入少1800万美元，同比增长17%。</td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>[3] Both the GAAP and non-GAAP net income from continuing operations attributable toSohu.com Limitedfor the second quarter of 2020 mentioned in this release excluded the impact of an additional accrual of withholding income tax ofUS$88 millionrecognized by Changyou in that quarter following completion of the Changyou privatization, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends.</p><p><blockquote><tr><td>[3]本新闻稿中提及的搜狐网有限公司2020年第二季度的GAAP和非GAAP持续经营业务净利润均不包括畅游私有化完成后该季度确认的额外预提所得税8800万美元的影响，因为畅游改变了其中国子公司有关现金股息分配的政策。</td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>[4] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the one-time transition tax (the \"Toll Charge\") imposed by theU.S.Tax Cuts and Jobs Act signed into law onDecember 22, 2017(the \"U.S.TCJA\"). 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.\"</p><p><blockquote><tr><td>[4] 非 GAAP 业绩不包括基于股票的薪酬费用；本公司合并经营报表中就公允价值可随时厘定的股权投资确认的公允价值变动；就与本公司核心业务无关的投资确认的减值费用；以及与美国征收的一次性过渡税（“通行费”）相关确认的利息支出。减税和就业法案于2017年12月22日签署成为法律（“美国TCJA”）。公司非 GAAP 财务指标的解释以及与 GAAP 财务指标的相关调节包含在随附的“非 GAAP 披露”和“非 GAAP 经营业绩指标与最接近的可比 GAAP 指标的调节”中。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Second Quarter Financial Results</b></p><p><blockquote><b>第二季度财务业绩</b></blockquote></p><p> <b><i>Revenues</i></b></p><p><blockquote><b><i>收入</i></b></blockquote></p><p> Total revenues wereUS$204 million, up 28% year-over-year and down 8% quarter-over-quarter.</p><p><blockquote>总收入为2.04亿美元，同比增长28%，环比下降8%。</blockquote></p><p></p><p> Brand advertising revenues totaledUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter. The quarter-over-quarter increase was mainly attributable to a seasonality increase and our continuing efforts to boost our revenues in portal and video advertising.</p><p><blockquote>品牌广告收入总计3700万美元，同比下降3%，环比增长20%。环比增长主要归因于季节性增长以及我们持续努力提高门户网站和视频广告收入。</blockquote></p><p> Online game revenues wereUS$151 million, up 43% year-over-year and down 14%&nbsp;quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC.</p><p><blockquote>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。同比增长主要得益于2020年第四季度推出的TLBB Vintage。环比下降主要是由于TLBB PC的自然下降。</blockquote></p><p> <b><i>Gross Margin</i></b></p><p><blockquote><b><i>毛利率</i></b></blockquote></p><p> Both GAAP and non-GAAP gross margin was 76%,&nbsp;compared with 67% in the second quarter of 2020 and 79% in the first quarter of 2021.</p><p><blockquote>GAAP 和非 GAAP 毛利率均为 76%，而 2020 年第二季度为 67%，2021 年第一季度为 79%。</blockquote></p><p> GAAP gross margin for the brand advertising business was&nbsp;27%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.&nbsp;Non-GAAP gross margin for the brand advertising business was&nbsp;28%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.The year-over-year decrease was mainly due to increases in costs of events hosted in the second quarter of 2021, which have been resumed to a large extent with the easing of COVID-19. The quarter-over-quarter increase was mainly due to increased revenues in the portal and video advertising businesses.</p><p><blockquote>品牌广告业务的GAAP毛利率为27%，而2020年第二季度为40%，2021年第一季度为20%。品牌广告业务的非GAAP毛利率为28%，而2020年第二季度为40%，2021年第一季度为20%。同比减少主要由于2021年第二季度举办的活动成本增加，而随着COVID-19的缓解，这些活动已在很大程度上恢复。环比增长主要是由于门户网站和视频广告业务的收入增加。</blockquote></p><p> GAAP gross margin for online games was 89%, compared with 77% in the second quarter of 2020 and 89% in the first quarter of 2021. Non-GAAP gross margin for online games was 89%, compared with 78% in the second quarter of 2020 and 90% in the first quarter of 2021. The year-over-year increase in gross margin was mainly due to a higher percentage revenue contribution from PC games, which typically require lower revenue-sharing payments.</p><p><blockquote>网络游戏的 GAAP 毛利率为 89%，而 2020 年第二季度为 77%，2021 年第一季度为 89%。网络游戏的非 GAAP 毛利率为 89%，而 2020 年第二季度为 78%，2021 年第一季度为 90%。毛利率同比增加主要由于电脑游戏的收入贡献百分比较高，而电脑游戏通常需要较低的收入分成付款。</blockquote></p><p> <b><i>Operating Expenses</i></b></p><p><blockquote><b><i>营运开支</i></b></blockquote></p><p> For the&nbsp;second quarter of 2021, GAAP operating expenses totaledUS$130 million, up 23% year-over-year and 5% quarter-over-quarter. Non-GAAP operating expenses wereUS$127 million, up 25% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to increases in marketing expenses and salary and benefits expenses.</p><p><blockquote>2021年第二季度，GAAP运营费用总计1.3亿美元，同比增长23%，环比增长5%。非 GAAP 运营费用为 1.27 亿美元，同比增长 25%，环比增长 4%。同比增加主要是由于市场营销费用及薪资福利费用增加所致。</blockquote></p><p> <b>O</b><b><i>perating Profit</i></b></p><p><blockquote><b>O</b><b><i>盈利预测</i></b></blockquote></p><p> GAAP operating profit wasUS$25 million, compared with an operating profit of&nbsp;US$1 million in the second quarter of 2020 and an operating profit ofUS$51 millionin the first quarter of 2021.</p><p><blockquote>GAAP营业利润为2500万美元，而2020年第二季度营业利润为100万美元，2021年第一季度营业利润为5100万美元。</blockquote></p><p> Non-GAAP operating profit was&nbsp;US$28 million, compared with an operating profit of&nbsp;US$5&nbsp;million&nbsp;in the&nbsp;second quarter of 2020 and an operating profit ofUS$53million&nbsp;in the first quarter of 2021.</p><p><blockquote>非美国通用会计准则营业利润为2800万美元，而2020年第二季度营业利润为500万美元，2021年第一季度营业利润为5300万美元。</blockquote></p><p> <b><i>Income Tax Expense</i></b></p><p><blockquote><b><i>所得税开支</i></b></blockquote></p><p> GAAP income tax expense wasUS$11 million, compared with income tax expense ofUS$86 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. Non-GAAP income tax expense wasUS$9 million, compared with income tax expense ofUS$83 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. The income tax expense in the second quarter of 2021 included a one-time tax benefit ofUS$9 millionrecognized by Changyou after final settlement of its income tax due for 2020. For the second quarter of 2020, Changyou recognized an additional accrual of withholding income tax ofUS$88 million, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends after the completion of the privatization of Changyou.</p><p><blockquote>GAAP所得税费用为1100万美元，而2020年第二季度所得税费用为8600万美元，2021年第一季度所得税费用为2300万美元。非GAAP所得税费用为900万美元，而2020年第二季度所得税费用为8300万美元，2021年第一季度所得税费用为2300万美元。2021年第二季度的所得税开支包括畅游于2020年到期所得税最终结算后确认的900万美元的一次性税收优惠。于二零二零年第二季度，畅游确认额外预提所得税8,800万美元，原因是畅游在完成私有化后改变了其中国附属公司有关现金股息分派的政策。</blockquote></p><p> <b><i>Net Income</i></b></p><p><blockquote><b><i>净收入</i></b></blockquote></p><p> GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, or net income ofUS$0.55&nbsp;per fully-diluted ADS,&nbsp;compared with net income ofUS$11 millionin the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</p><p><blockquote>归属于sohu.com Limited的GAAP持续经营业务净利润为2200万美元，即每股完全稀释ADS净利润为0.55美元，而2020年第二季度净利润为1100万美元，2021年第一季度净利润为3200万美元。</blockquote></p><p> Non-GAAP net&nbsp;income from continuing operations&nbsp;attributable toSohu.com Limitedwas US$25&nbsp;million,&nbsp;or net income ofUS$0.63&nbsp;per fully-diluted ADS,&nbsp;compared with&nbsp;net income&nbsp;ofUS$12 millionin the&nbsp;second quarter of 2020 and net income&nbsp;ofUS$37 millionin the first quarter of 2021.</p><p><blockquote>归属于搜狐网有限公司的非公认会计准则持续经营业务净利润为 2500 万美元，即每股完全稀释美国存托凭证净利润为 0.63 美元，而 2020 年第二季度净利润为 1200 万美元，2021 年第一季度净利润为 3700 万美元。</blockquote></p><p> <b><i>Liquidity</i></b></p><p><blockquote><b><i>流动性</i></b></blockquote></p><p> As ofJune 30, 2021, cash and cash equivalents and short-term investments wereUS$349 million.</p><p><blockquote>截至2021年6月30日，现金及现金等价物以及短期投资为3.49亿美元。</blockquote></p><p> <b>Supplementary Information for Changyou Results</b></p><p><blockquote><b>畅游业绩补充资料</b></blockquote></p><p> <b><i>Second&nbsp;Quarter 2021 Operating Results</i></b></p><p><blockquote><b><i>2021年第二季度经营业绩</i></b></blockquote></p><p></p><p> <ul>  <li>For PC games, total average monthly active user accounts[5](MAU) were 2.1 million, an increase of 9% year-over-year and a decrease of 8% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020, partially offset by termination of the operation of Warframe. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC. Total quarterly aggregate active paying accounts[6](APA) were 0.9 million, a decrease of 3% year-over-year and 4% quarter-over-quarter.</li>  <li>For mobile games, total average MAU were 1.9 million, a decrease of 39% year-over-year and 7% quarter-over-quarter. The year-over-year decrease was mainly from Legacy TLBB Mobile and TLBB Honor. The quarter-over-quarter decrease was mainly due to TLBB Honor. Total quarterly APA were 0.5 million, a decrease of 21% year-over-year and an increase of 5% quarter-over-quarter. The year-over-year and quarter-over-quarter changes were mainly due to TLBB Honor.</li> </ul> <table>  <tbody>   <tr>    <td>[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.</p><p><blockquote><ul><li>PC游戏方面，月均活跃用户账户[5]（MAU）总数为210万，同比增长9%，环比下降8%。同比增长主要是由于2020年第四季度推出的TLBB Vintage，部分被Warframe运营的终止所抵消。环比下降主要是由于TLBB PC的自然下降。季度活跃支付账户总数[6]（APA）为90万个，同比下降3%，环比下降4%。</li><li>移动游戏方面，总平均MAU为190万，同比下降39%，环比下降7%。同比下降主要来自传统的 TLBB Mobile 和 TLBB Honor。环比下降主要是由于TLBB荣誉。季度APA总额为50万，同比下降21%，环比增长5%。同比和环比变化主要是由于TLBB荣誉。</li></ul><table><tbody><tr><td>[5]月活跃用户帐户是指当月内至少登陆该等游戏一次的注册帐户数量。</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.</p><p><blockquote><tr><td>[6]季度累计活跃支付账户是指在季度内至少使用一次游戏积分的账户数量。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b><i>Second Quarter 2021 Unaudited Financial Results</i></b></p><p><blockquote><b><i>2021年第二季度未经审计财务业绩</i></b></blockquote></p><p> <b>Total revenues</b>&nbsp;wereUS$154 million, an increase of 41% year-over-year and a decrease of 14% quarter-over-quarter. Online game revenues wereUS$151 million, an increase of 43% year-over-year and a decrease of 14% quarter-over-quarter. Online advertising revenues wereUS$3 million, a decrease of 19% year-over-year and 11% quarter-over-quarter.</p><p><blockquote><b>收入总额</b>为1.54亿美元，同比增长41%，环比下降14%。网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。在线广告收入为300万美元，同比下降19%，环比下降11%。</blockquote></p><p> <b>GAAP and non-GAAP gross profit</b>were bothUS$136 million, an increase of 61% year-over-year and a decrease of 15% quarter-over-quarter.</p><p><blockquote><b>公认会计准则和非公认会计准则毛利润</b>均为 1.36 亿美元，同比增长 61%，环比下降 15%。</blockquote></p><p> <b>GAAP operating expenses</b>&nbsp;wereUS$63 million, an increase of 24% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to an increase in bonus expenses related to revenue growth, as well as an increase in marketing and promotional spending for online games.</p><p><blockquote><b>GAAP 运营费用</b>为6300万美元，同比增长24%，环比增长4%。同比增加主要是由于与收入增长相关的奖金支出增加，以及网络游戏的营销和推广支出增加。</blockquote></p><p> <b>Non-GAAP operating expenses</b>&nbsp;wereUS$61 million, an increase of 28% year-over-year and 4% quarter-over-quarter.</p><p><blockquote><b>非 GAAP 运营费用</b>为 6100 万美元，同比增长 28%，环比增长 4%。</blockquote></p><p> <b>GAAP operating profit</b>&nbsp;wasUS$73 million, compared with an operating profit ofUS$33 millionfor the second quarter of 2020 andUS$99 millionfor the first quarter of 2021.</p><p><blockquote><b>GAAP 营业利润</b>为7300万美元，而2020年第二季度的营业利润为3300万美元，2021年第一季度的营业利润为9900万美元。</blockquote></p><p> <b>Non-GAAP operating profit</b>&nbsp;wasUS$75 million, compared with a non-GAAP operating profit ofUS$37 millionfor the second quarter of 2020 andUS$101 millionfor the first quarter of 2021.</p><p><blockquote><b>非 GAAP 营业利润</b>为 7500 万美元，而 2020 年第二季度非 GAAP 营业利润为 3700 万美元，2021 年第一季度为 1.01 亿美元。</blockquote></p><p> <b>Business Outlook</b></p><p><blockquote><b>业务展望</b></blockquote></p><p> For the third quarter of 2021, Sohu estimates:</p><p><blockquote>对于2021年第三季度，搜狐预计：</blockquote></p><p> <ul>  <li>Brand advertising revenues to be between US$35&nbsp;million andUS$39 million; this implies an annual decrease of 5% to 15% and a sequential&nbsp;decrease of 5% to a sequential&nbsp;increase 6%.</li>  <li>Online game revenues to be betweenUS$145 millionandUS$155 million; this implies an annual increase of 43% to 53% and a sequential decrease of 4% to a sequential&nbsp;increase 2%.</li>  <li>Non-GAAP net income from continuing operations attributable toSohu.com Limitedto be between nil andUS$10 million; and GAAP net income/(loss) from continuing operations attributable toSohu.com Limitedto be between a net loss ofUS$4 millionand a net income ofUS$6 million.</li> </ul> For the third&nbsp;quarter 2021 guidance, the Company has adopted a presumed exchange rate ofRMB6.47=US$1.00, as compared with the actual exchange rate of approximatelyRMB6.92=US$1.00for the third&nbsp;quarter of 2020, andRMB6.46=US$1.00&nbsp;for the second&nbsp;quarter of 2021.</p><p><blockquote><ul><li>品牌广告收入将在3500万美元至3900万美元之间；这意味着每年减少5%至15%，连续减少5%至连续增加6%。</li><li>网络游戏收入将在1.45亿美元至1.55亿美元之间；这意味着每年增长43%至53%，连续下降4%至连续增长2%。</li><li>Sohu.com Limited 应占的非 GAAP 持续经营业务净利润在零至 1000 万美元之间；Sohu.com Limited 应占的 GAAP 持续经营业务净利润/（亏损）介于净亏损 400 万美元至净利润 600 万美元之间。</li></ul>就2021年第三季度指引而言，本公司采用人民币6.47元=1.00美元的假设汇率，而2020年第三季度的实际汇率约为人民币6.92元=1.00美元，2021年第二季度的实际汇率约为人民币6.46元=1.00美元。</blockquote></p><p> This forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty, particularly in view of the potential ongoing impact of the worldwide COVID-19 pandemic, which remains difficult to predict.<img src=\"https://static.tigerbbs.com/4782b452132d214df35cd21432e44916\" tg-width=\"682\" tg-height=\"844\" referrerpolicy=\"no-referrer\"></p><p><blockquote>该预测反映了搜狐管理层的当前和初步观点，该观点存在重大不确定性，特别是考虑到全球范围内的 COVID-19 大流行的潜在持续影响，这仍然难以预测。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investors.sohu.com/news-releases/news-release-details/sohucom-reports-second-quarter-2021-unaudited-financial-results\">搜狐</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOHU":"搜狐"},"source_url":"https://investors.sohu.com/news-releases/news-release-details/sohucom-reports-second-quarter-2021-unaudited-financial-results","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164323845","content_text":"BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video, gaming and search business group, today reported unaudited financial results for the second quarter endedJune 30, 2021.\nIn view of the previously-announced Share Purchase Agreement between subsidiaries of Tencent Holdings Limited (\"Tencent\") and the Company and its wholly-owned subsidiarySohu.com (Search) Limited(\"Sohu Search\") with respect to Sohu Search's Sogou Inc.(\"Sogou\") shares (the \"Sogou Share Purchase\"), the results of operations for Sogou have been excluded from the Company's results from continuing operations in the Company's condensed consolidated statements of operations and are presented in separate line items as discontinued operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, results presented in this release are related to continuing operations only[1].\nSecond Quarter Highlights\n\nTotal revenues wereUS$204 million[2], up 28% year-over-year and down 8% quarter-over-quarter.\nBrand advertising revenues wereUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter.\nOnline game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter.\nGAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, compared with net income ofUS$11 million[3]in the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.\nNon-GAAP[4]net income from continuing operations attributable toSohu.com LimitedwasUS$25 million, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.\n\nDr.Charles Zhang, Chairman and CEO ofSohu.com Limited, commented, \"For the second quarter of 2021, despite the negative impact of COVID-19, we kept exploring new monetization opportunities while strictly controlling the budget. Thanks to the outperformance of our online game business, our profitability exceeded the prior guidance. For Sohu Media, we focused on innovating our products and technology, and effectively promoting the generation and distribution of high-quality content. For Sohu Video, we continued to execute our \"Twin engine\" strategy of developing high quality long-form and short-form content, while at the same time refining our advanced live broadcasting technologies and rolling them out to various applications. We were also able to diversify our revenue sources and better capture advertising budgets by integrating our live broadcasting technologies into our unique events. For Changyou, online games performed well during the quarter, and its revenue exceeded the high end of our prior guidance.\"\n\n\n\n[1] The parties currently expect the completion of the transaction will be during the second half of 2021, subject to the satisfaction or waiver of all the conditions to the transaction.\n\n\n[2] On a constant currency (non-GAAP) basis, if the exchange rate in the second quarter of 2021 had been the same as it was in the second quarter of 2020, orRMB7.08=US$1.00, US$ total revenues in the second quarter of 2021 would have beenUS$186 million, orUS$18 millionless than GAAP total revenues, and up 17% year-over-year.\n\n\n[3] Both the GAAP and non-GAAP net income from continuing operations attributable toSohu.com Limitedfor the second quarter of 2020 mentioned in this release excluded the impact of an additional accrual of withholding income tax ofUS$88 millionrecognized by Changyou in that quarter following completion of the Changyou privatization, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends.\n\n\n[4] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the one-time transition tax (the \"Toll Charge\") imposed by theU.S.Tax Cuts and Jobs Act signed into law onDecember 22, 2017(the \"U.S.TCJA\"). 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.\"\n\n\n\nSecond Quarter Financial Results\nRevenues\nTotal revenues wereUS$204 million, up 28% year-over-year and down 8% quarter-over-quarter.\nBrand advertising revenues totaledUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter. The quarter-over-quarter increase was mainly attributable to a seasonality increase and our continuing efforts to boost our revenues in portal and video advertising.\nOnline game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC.\nGross Margin\nBoth GAAP and non-GAAP gross margin was 76%, compared with 67% in the second quarter of 2020 and 79% in the first quarter of 2021.\nGAAP gross margin for the brand advertising business was 27%, compared with 40% in the second quarter of 2020 and 20% in the first quarter of 2021. Non-GAAP gross margin for the brand advertising business was 28%, compared with 40% in the second quarter of 2020 and 20% in the first quarter of 2021.The year-over-year decrease was mainly due to increases in costs of events hosted in the second quarter of 2021, which have been resumed to a large extent with the easing of COVID-19. The quarter-over-quarter increase was mainly due to increased revenues in the portal and video advertising businesses.\nGAAP gross margin for online games was 89%, compared with 77% in the second quarter of 2020 and 89% in the first quarter of 2021. Non-GAAP gross margin for online games was 89%, compared with 78% in the second quarter of 2020 and 90% in the first quarter of 2021. The year-over-year increase in gross margin was mainly due to a higher percentage revenue contribution from PC games, which typically require lower revenue-sharing payments.\nOperating Expenses\nFor the second quarter of 2021, GAAP operating expenses totaledUS$130 million, up 23% year-over-year and 5% quarter-over-quarter. Non-GAAP operating expenses wereUS$127 million, up 25% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to increases in marketing expenses and salary and benefits expenses.\nOperating Profit\nGAAP operating profit wasUS$25 million, compared with an operating profit of US$1 million in the second quarter of 2020 and an operating profit ofUS$51 millionin the first quarter of 2021.\nNon-GAAP operating profit was US$28 million, compared with an operating profit of US$5 million in the second quarter of 2020 and an operating profit ofUS$53million in the first quarter of 2021.\nIncome Tax Expense\nGAAP income tax expense wasUS$11 million, compared with income tax expense ofUS$86 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. Non-GAAP income tax expense wasUS$9 million, compared with income tax expense ofUS$83 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. The income tax expense in the second quarter of 2021 included a one-time tax benefit ofUS$9 millionrecognized by Changyou after final settlement of its income tax due for 2020. For the second quarter of 2020, Changyou recognized an additional accrual of withholding income tax ofUS$88 million, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends after the completion of the privatization of Changyou.\nNet Income\nGAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, or net income ofUS$0.55 per fully-diluted ADS, compared with net income ofUS$11 millionin the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.\nNon-GAAP net income from continuing operations attributable toSohu.com Limitedwas US$25 million, or net income ofUS$0.63 per fully-diluted ADS, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.\nLiquidity\nAs ofJune 30, 2021, cash and cash equivalents and short-term investments wereUS$349 million.\nSupplementary Information for Changyou Results\nSecond Quarter 2021 Operating Results\n\nFor PC games, total average monthly active user accounts[5](MAU) were 2.1 million, an increase of 9% year-over-year and a decrease of 8% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020, partially offset by termination of the operation of Warframe. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC. Total quarterly aggregate active paying accounts[6](APA) were 0.9 million, a decrease of 3% year-over-year and 4% quarter-over-quarter.\nFor mobile games, total average MAU were 1.9 million, a decrease of 39% year-over-year and 7% quarter-over-quarter. The year-over-year decrease was mainly from Legacy TLBB Mobile and TLBB Honor. The quarter-over-quarter decrease was mainly due to TLBB Honor. Total quarterly APA were 0.5 million, a decrease of 21% year-over-year and an increase of 5% quarter-over-quarter. The year-over-year and quarter-over-quarter changes were mainly due to TLBB Honor.\n\n\n\n\n[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.\n\n\n[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.\n\n\n\nSecond Quarter 2021 Unaudited Financial Results\nTotal revenues wereUS$154 million, an increase of 41% year-over-year and a decrease of 14% quarter-over-quarter. Online game revenues wereUS$151 million, an increase of 43% year-over-year and a decrease of 14% quarter-over-quarter. Online advertising revenues wereUS$3 million, a decrease of 19% year-over-year and 11% quarter-over-quarter.\nGAAP and non-GAAP gross profitwere bothUS$136 million, an increase of 61% year-over-year and a decrease of 15% quarter-over-quarter.\nGAAP operating expenses wereUS$63 million, an increase of 24% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to an increase in bonus expenses related to revenue growth, as well as an increase in marketing and promotional spending for online games.\nNon-GAAP operating expenses wereUS$61 million, an increase of 28% year-over-year and 4% quarter-over-quarter.\nGAAP operating profit wasUS$73 million, compared with an operating profit ofUS$33 millionfor the second quarter of 2020 andUS$99 millionfor the first quarter of 2021.\nNon-GAAP operating profit wasUS$75 million, compared with a non-GAAP operating profit ofUS$37 millionfor the second quarter of 2020 andUS$101 millionfor the first quarter of 2021.\nBusiness Outlook\nFor the third quarter of 2021, Sohu estimates:\n\nBrand advertising revenues to be between US$35 million andUS$39 million; this implies an annual decrease of 5% to 15% and a sequential decrease of 5% to a sequential increase 6%.\nOnline game revenues to be betweenUS$145 millionandUS$155 million; this implies an annual increase of 43% to 53% and a sequential decrease of 4% to a sequential increase 2%.\nNon-GAAP net income from continuing operations attributable toSohu.com Limitedto be between nil andUS$10 million; and GAAP net income/(loss) from continuing operations attributable toSohu.com Limitedto be between a net loss ofUS$4 millionand a net income ofUS$6 million.\n\nFor the third quarter 2021 guidance, the Company has adopted a presumed exchange rate ofRMB6.47=US$1.00, as compared with the actual exchange rate of approximatelyRMB6.92=US$1.00for the third quarter of 2020, andRMB6.46=US$1.00 for the second quarter of 2021.\nThis forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty, particularly in view of the potential ongoing impact of the worldwide COVID-19 pandemic, which remains difficult to predict.","news_type":1,"symbols_score_info":{"SOHU":0.9}},"isVote":1,"tweetType":1,"viewCount":2280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809622605,"gmtCreate":1627367467707,"gmtModify":1631889131394,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088588911249380","authorIdStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Great earning","listText":"Great earning","text":"Great earning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/809622605","repostId":"1109472394","repostType":4,"isVote":1,"tweetType":1,"viewCount":3349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175363714,"gmtCreate":1627007586238,"gmtModify":1631889131407,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088588911249380","authorIdStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Why.&nbsp;","listText":"Why.&nbsp;","text":"Why.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175363714","repostId":"1129225522","repostType":4,"repost":{"id":"1129225522","kind":"news","pubTimestamp":1627005370,"share":"https://www.laohunote.com/m/news/1129225522?lang=zh_CN&edition=full","pubTime":"2021-07-23 09:56","market":"us","language":"en","title":"GM is shutting down most of its pickup production for a week<blockquote>通用汽车将关闭大部分皮卡生产一周</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129225522","media":"CNN Business","summary":"New York (CNN Business)-General Motors will stop making most of its full-size pickup trucks for a we","content":"<p><div> New York (CNN Business)-General Motors will stop making most of its full-size pickup trucks for a week starting Monday. It's another sign that the auto industry continues to struggle with the year-...</p><p><blockquote><div>纽约（CNN Business）-通用汽车公司将从周一开始停止生产大部分全尺寸皮卡车一周。这是汽车行业今年继续苦苦挣扎的另一个迹象——……</div></blockquote></p><p>  <a href=\"https://edition.cnn.com/2021/07/22/business/gm-pickup-truck-halt-chip-shortage/index.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://edition.cnn.com/2021/07/22/business/gm-pickup-truck-halt-chip-shortage/index.html\">网页连接</a></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GM is shutting down most of its pickup production for a week<blockquote>通用汽车将关闭大部分皮卡生产一周</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGM is shutting down most of its pickup production for a week<blockquote>通用汽车将关闭大部分皮卡生产一周</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-07-23 09:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> New York (CNN Business)-General Motors will stop making most of its full-size pickup trucks for a week starting Monday. It's another sign that the auto industry continues to struggle with the year-...</p><p><blockquote><div>纽约（CNN Business）-通用汽车公司将从周一开始停止生产大部分全尺寸皮卡车一周。这是汽车行业今年继续苦苦挣扎的另一个迹象——……</div></blockquote></p><p>  <a href=\"https://edition.cnn.com/2021/07/22/business/gm-pickup-truck-halt-chip-shortage/index.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://edition.cnn.com/2021/07/22/business/gm-pickup-truck-halt-chip-shortage/index.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/07/22/business/gm-pickup-truck-halt-chip-shortage/index.html\">CNN Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车"},"source_url":"https://edition.cnn.com/2021/07/22/business/gm-pickup-truck-halt-chip-shortage/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129225522","content_text":"New York (CNN Business)-General Motors will stop making most of its full-size pickup trucks for a week starting Monday. It's another sign that the auto industry continues to struggle with the year-long global computer chip shortage.\nLarge pickups and SUVs are automakers' best-selling and most profitable vehicles. GM and other automakers have tried tokeep making them,shifting their supply of available chips away from less popular vehicles.\nBut as the Delta variant takes hold across the globe, shutdowns and restrictions are coming back, throwing thesupply chain into more chaos.\n\"These most recent scheduling adjustments are being driven by temporary parts shortages caused by semiconductor supply constraints from international markets experiencing Covid-19-related restrictions,\" said GM. \"We expect it to be a near-term issue.\"\nGeneral Motors said it will halt production for a week starting on July 26 at its Fort Wayne, Indiana, assembly plant that builds the Chevrolet Silverado 1500 and GMC Sierra 1500 models.\nIt will also reduce the Flint, Michigan, assembly plant to one shift rather than its normal three shifts during that same week. It will also halt production at its Silao Assembly plant in Mexico. Flint builds the heavy-duty versions of the Silverado and Sierra pickups, while Silao builds the Silverado 1500 Cheyenne for the Mexican market as well as the Sierra 1500.\nThe Covid-19 suppy chain issues are not limited to GM or to computer chips. Reuters reported that Toyota had to shut three plants in Thailand as well as a plant in Japan because of supply chain issues caused by the pandemic. Honda also will shut production at its main plant in Japan, Reuters reported.\nAutomakers' chip shortages started a year ago. Car sales fell sharplyduring the pandemic and automakers cut back their orders for chips and other parts. They didn't expect demand to return quickly. But sales rebounded faster than expected, leaving car companies without the chips they needed.\nAutomakers will be forced to cut production by 3.9 million vehicles worldwide in 2021, costing them $110 billion in lost revenue this year, according to a chip shortage analysis by consultant AlixPartners.\nThe tight supplies of new vehicles helped to drive up theprice of both new and used carsto record levels in the past few months. But that has been a bigger boon forauto dealers, who are independently owned, than the automakers themselves.","news_type":1,"symbols_score_info":{"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":3980,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172329278,"gmtCreate":1626938348894,"gmtModify":1631889131420,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088588911249380","authorIdStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172329278","repostId":"2153477496","repostType":4,"isVote":1,"tweetType":1,"viewCount":2593,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170835994,"gmtCreate":1626418482218,"gmtModify":1631892516830,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088588911249380","authorIdStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Like and comment. Thanks.&nbsp;","listText":"Like and comment. Thanks.&nbsp;","text":"Like and comment. Thanks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170835994","repostId":"1189921948","repostType":4,"isVote":1,"tweetType":1,"viewCount":602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147049226,"gmtCreate":1626322883365,"gmtModify":1631892516841,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088588911249380","authorIdStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/147049226","repostId":"2151751740","repostType":4,"isVote":1,"tweetType":1,"viewCount":815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":810521785,"gmtCreate":1629987461147,"gmtModify":1704954241047,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Naked looks good","listText":"Naked looks good","text":"Naked looks good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/810521785","repostId":"1128611362","repostType":4,"repost":{"id":"1128611362","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629987334,"share":"https://www.laohunote.com/m/news/1128611362?lang=zh_CN&edition=full","pubTime":"2021-08-26 22:15","market":"us","language":"en","title":"Some meme stocks surged in morning trading<blockquote>一些模因股票在早盘交易中飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128611362","media":"Tiger Newspress","summary":"Some meme stocks surged in morning trading.GameStop,Zomedica,Naked Brand,Express,KOSS and BlackBerry","content":"<p>Some meme stocks surged in morning trading.GameStop,Zomedica,Naked Brand,Express,KOSS&nbsp;and&nbsp;BlackBerry&nbsp;climbed&nbsp;between 2% and 22%.<img src=\"https://static.tigerbbs.com/651826e35e370f92a538cfbb14825d7b\" tg-width=\"364\" tg-height=\"717\" referrerpolicy=\"no-referrer\"></p><p><blockquote>一些模因股票在早盘交易中飙升.GameStop、Zomedica、Naked Brand、Express、KOSS和黑莓上涨了2%至22%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Some meme stocks surged in morning trading<blockquote>一些模因股票在早盘交易中飙升</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSome meme stocks surged in morning trading<blockquote>一些模因股票在早盘交易中飙升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-26 22:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Some meme stocks surged in morning trading.GameStop,Zomedica,Naked Brand,Express,KOSS&nbsp;and&nbsp;BlackBerry&nbsp;climbed&nbsp;between 2% and 22%.<img src=\"https://static.tigerbbs.com/651826e35e370f92a538cfbb14825d7b\" tg-width=\"364\" tg-height=\"717\" referrerpolicy=\"no-referrer\"></p><p><blockquote>一些模因股票在早盘交易中飙升.GameStop、Zomedica、Naked Brand、Express、KOSS和黑莓上涨了2%至22%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线","EXPR":"Express, Inc.","NEGG":"Newegg Comm Inc.","WKHS":"Workhorse Group, Inc.","HOOD":"Robinhood","KOSS":"高斯电子","GME":"游戏驿站"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128611362","content_text":"Some meme stocks surged in morning trading.GameStop,Zomedica,Naked Brand,Express,KOSS and BlackBerry climbed between 2% and 22%.","news_type":1,"symbols_score_info":{"KOSS":0.9,"SGOC":0.9,"NAKD":0.9,"NEGG":0.9,"HOOD":0.9,"ZOM":0.9,"AMC":0.9,"NKLA":0.9,"MRIN":0.9,"GME":0.9,"EXPR":0.9,"WKHS":0.9}},"isVote":1,"tweetType":1,"viewCount":2293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830834100,"gmtCreate":1629042319100,"gmtModify":1631889131350,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/830834100","repostId":"2159214569","repostType":4,"repost":{"id":"2159214569","kind":"highlight","pubTimestamp":1628989290,"share":"https://www.laohunote.com/m/news/2159214569?lang=zh_CN&edition=full","pubTime":"2021-08-15 09:01","market":"us","language":"en","title":"How to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159214569","media":"MarkeWatch","summary":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.So where does Nio $$","content":"<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.</p><p><blockquote>蔚来可能是一家相对较小的公司。但投资者看好这家中国电动汽车制造商的前景。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459f713c5dfcf08752165d643a5f1463\" tg-width=\"700\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>A Nio store in downtown Shanghai. (Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>上海市区的一家蔚来商店。（盖蒂图片社）</span></p></blockquote></p><p> Chinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.</p><p><blockquote>中国电动汽车制造商蔚来在美国不销售汽车，市值为 602 亿美元。按照这个标准，它比成立于1903年的福特汽车公司还要大。</blockquote></p><p> That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.</p><p><blockquote>作为投资者，这对您来说可能有意义——毕竟，蔚来是一家只销售电动汽车的创新型公司。福特是一家传统汽车制造商，正在努力迎头赶上，并最终全面过渡到电动汽车。蔚来的股价在过去一年上涨了两倍多，而福特的股价在过去十年暴跌后几乎翻了一番。</blockquote></p><p> So where does Nio <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a>, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.</p><p><blockquote>那么蔚来在哪里<a href=\"https://laohu8.com/S/NIO\">$(蔚来)$</a>周三股市收盘后公布了第二季度业绩，符合投资论点吗？下面的屏幕显示了其股票估值与汽车产量的比较，以及该估值与 2025 年的预计收益有何关系。</blockquote></p><p> <b>Doubling car production</b></p><p><blockquote><b>汽车产量翻倍</b></blockquote></p><p> For the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车，同比增长112%。增长令人印象深刻，但销售的车辆总数仍然相对较少。</blockquote></p><p> Here's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:</p><p><blockquote>以下是按市值计算的 10 家最大汽车制造商，以及它们第二季度的销量或交付量（如果两者都有报告，以较高者为准）以及表格下方的附加颜色：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d9e9aed76c94544dbe44cde9f7c8bebc\" tg-width=\"931\" tg-height=\"761\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table> You can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc.&nbsp;and Nio, on this list -- may (or may not) become as large as legacy players.</p><p><blockquote><table><tbody><tr></tr></tbody></table>你可以看到，这些估值是关于未来的，届时电动汽车领域的创新者——这份名单上的特斯拉和蔚来——可能（也可能不会）变得与传统企业一样大。</blockquote></p><p> For now, Ford churns out mostly internal combustion engine&nbsp;vehicles at nearly 35 times the rate that Nio makes EVs.</p><p><blockquote>目前，福特生产的主要是内燃机汽车，几乎是蔚来生产电动汽车的 35 倍。</blockquote></p><p> One thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.</p><p><blockquote>需要注意的一件事是，传统汽车制造商并非都以相同的方式报告其销量。大多数不会突破电动汽车销售。</blockquote></p><p> Among those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:</p><p><blockquote>其中，定义各不相同。例如，丰田汽车公司（7203.TO）报告称，第二季度“电动汽车”销量占汽车总销量的26.6%。但该类别包括：</blockquote></p><p> For Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.</p><p><blockquote>对于丰田来说，纯电动汽车仅占第二季度销量的0.2%，而它们占蔚来和特斯拉销量的100%。丰田的插电式混合动力汽车销量占总销量的1.4%。</blockquote></p><p> Volkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.</p><p><blockquote>大众汽车公司报告称，电动汽车销量包括插电混合动力汽车（占第二季度销量的 6.7%）和纯电动汽车（占总销量的 4.4%）。这些数字令人印象深刻：合计11.1%。</blockquote></p><p> For Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.</p><p><blockquote>对于 Bayerische Motoren Werke Aktiengesellschaft（更广为人知的名称是 BWM Group）来说，第二季度电动汽车交付明细尚未公布，但 2021 年上半年，交付了 153,243 辆全电动或插电式混合动力汽车，占总交付量的 11.4%。</blockquote></p><p> <b>Valuation to earnings estimates</b></p><p><blockquote><b>估值与盈利预测</b></blockquote></p><p> For companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.</p><p><blockquote>对于处于早期阶段的公司来说，市盈率的比较可能意义不大。这些公司关注的是增长而不是利润。亚马逊公司就是一个例子。<a href=\"https://laohu8.com/S/AMZN\">$(亚马逊)$</a>几十年来，该公司一直以高市盈率为代价，努力扩展到新的业务领域。</blockquote></p><p> A high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.</p><p><blockquote>高市盈率可以反映投资者对创新的热情，就电动汽车而言，也可以反映行业转型的政治共识。因此，蔚来和特斯拉的市盈率远高于传统汽车制造商。</blockquote></p><p> Then again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.</p><p><blockquote>话又说回来，非常低的市盈率可能表明投资者对老牌制造商过于蔑视，因为他们利用传统汽车持续大量销售的现金流来资助电动汽车的开发。机会可能会被强调。</blockquote></p><p> Normally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.</p><p><blockquote>通常，远期市盈率的计算方法是将股价除以 12 个月每股收益的滚动共识估计。这并不适用于此处列出的所有公司，因此我们使用 2022 年净利润的共识估计。</blockquote></p><p> First, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:</p><p><blockquote>首先，以下是基于当前市值和 FactSet 调查的分析师对 2022 年普遍预期的市盈率。该表包括到 2025 年的年度预测，以及基于当前市值和 2025 年预测的市盈率：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/459439c822252d09b3dfb73cc5d51211\" tg-width=\"1058\" tg-height=\"743\" width=\"100%\" height=\"auto\"> Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&amp;P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.</p><p><blockquote>蔚来预计将于 2023 年实现盈利。展望2024年，其远期市盈率低于特斯拉。为了正确看待未来的市盈率估值，标普500指数的交易加权为 2022 年每股收益共识预期的 20.5 倍。</blockquote></p><p> <b>Valuation to sales</b></p><p><blockquote><b>销售额估值</b></blockquote></p><p> <table>  <tbody>   <tr></tr>   <tr></tr>  </tbody> </table> Forward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.</p><p><blockquote><table><tbody><tr></tr><tr></tr></tbody></table>对于利润或净亏损较低的早期公司来说，远期销售价格估算可能更有用。话又说回来，同样的扭曲也适用：投资者现在喜欢纯粹的电动汽车制造商，当你考虑到蔚来的股价在过去一年里上涨了两倍多，而特斯拉的股价上涨了150%时，他们可能会为它们支付过高的价格。</blockquote></p><p> Here's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:</p><p><blockquote>以下是一组类似的驱动市销率的数据，再次使用当前市值（在本文顶部的第一个表格中）和以百万美元为单位的全年共识估计值：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8c0b7d002e07914e42fcdf0e624b25c\" tg-width=\"1051\" tg-height=\"668\" width=\"100%\" height=\"auto\"> For reference, the S&amp;P 500 trades for 2.7 times its consensus 2022 sales estimate.</p><p><blockquote>作为参考，标普500的交易价格是其 2022 年销量普遍预期的 2.7 倍。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <b>Analysts' opinions</b></p><p><blockquote><table><tbody><tr></tr></tbody></table><b>分析师意见</b></blockquote></p><p> Here's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:</p><p><blockquote>以下是 FactSet 调查的分析师对 10 家汽车制造商的意见摘要。对于主要在美国境外上市的公司，使用当地股票代码。所有股价和目标均以当地货币计算：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/32f38063eabf2e93f73561a0454a44ac\" tg-width=\"1059\" tg-height=\"639\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table></p><p><blockquote><table><tbody><tr></tr></tbody></table></blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarkeWatch</strong><span class=\"h-time small\">2021-08-15 09:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.</p><p><blockquote>蔚来可能是一家相对较小的公司。但投资者看好这家中国电动汽车制造商的前景。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459f713c5dfcf08752165d643a5f1463\" tg-width=\"700\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>A Nio store in downtown Shanghai. (Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>上海市区的一家蔚来商店。（盖蒂图片社）</span></p></blockquote></p><p> Chinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.</p><p><blockquote>中国电动汽车制造商蔚来在美国不销售汽车，市值为 602 亿美元。按照这个标准，它比成立于1903年的福特汽车公司还要大。</blockquote></p><p> That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.</p><p><blockquote>作为投资者，这对您来说可能有意义——毕竟，蔚来是一家只销售电动汽车的创新型公司。福特是一家传统汽车制造商，正在努力迎头赶上，并最终全面过渡到电动汽车。蔚来的股价在过去一年上涨了两倍多，而福特的股价在过去十年暴跌后几乎翻了一番。</blockquote></p><p> So where does Nio <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a>, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.</p><p><blockquote>那么蔚来在哪里<a href=\"https://laohu8.com/S/NIO\">$(蔚来)$</a>周三股市收盘后公布了第二季度业绩，符合投资论点吗？下面的屏幕显示了其股票估值与汽车产量的比较，以及该估值与 2025 年的预计收益有何关系。</blockquote></p><p> <b>Doubling car production</b></p><p><blockquote><b>汽车产量翻倍</b></blockquote></p><p> For the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车，同比增长112%。增长令人印象深刻，但销售的车辆总数仍然相对较少。</blockquote></p><p> Here's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:</p><p><blockquote>以下是按市值计算的 10 家最大汽车制造商，以及它们第二季度的销量或交付量（如果两者都有报告，以较高者为准）以及表格下方的附加颜色：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d9e9aed76c94544dbe44cde9f7c8bebc\" tg-width=\"931\" tg-height=\"761\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table> You can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc.&nbsp;and Nio, on this list -- may (or may not) become as large as legacy players.</p><p><blockquote><table><tbody><tr></tr></tbody></table>你可以看到，这些估值是关于未来的，届时电动汽车领域的创新者——这份名单上的特斯拉和蔚来——可能（也可能不会）变得与传统企业一样大。</blockquote></p><p> For now, Ford churns out mostly internal combustion engine&nbsp;vehicles at nearly 35 times the rate that Nio makes EVs.</p><p><blockquote>目前，福特生产的主要是内燃机汽车，几乎是蔚来生产电动汽车的 35 倍。</blockquote></p><p> One thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.</p><p><blockquote>需要注意的一件事是，传统汽车制造商并非都以相同的方式报告其销量。大多数不会突破电动汽车销售。</blockquote></p><p> Among those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:</p><p><blockquote>其中，定义各不相同。例如，丰田汽车公司（7203.TO）报告称，第二季度“电动汽车”销量占汽车总销量的26.6%。但该类别包括：</blockquote></p><p> For Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.</p><p><blockquote>对于丰田来说，纯电动汽车仅占第二季度销量的0.2%，而它们占蔚来和特斯拉销量的100%。丰田的插电式混合动力汽车销量占总销量的1.4%。</blockquote></p><p> Volkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.</p><p><blockquote>大众汽车公司报告称，电动汽车销量包括插电混合动力汽车（占第二季度销量的 6.7%）和纯电动汽车（占总销量的 4.4%）。这些数字令人印象深刻：合计11.1%。</blockquote></p><p> For Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.</p><p><blockquote>对于 Bayerische Motoren Werke Aktiengesellschaft（更广为人知的名称是 BWM Group）来说，第二季度电动汽车交付明细尚未公布，但 2021 年上半年，交付了 153,243 辆全电动或插电式混合动力汽车，占总交付量的 11.4%。</blockquote></p><p> <b>Valuation to earnings estimates</b></p><p><blockquote><b>估值与盈利预测</b></blockquote></p><p> For companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.</p><p><blockquote>对于处于早期阶段的公司来说，市盈率的比较可能意义不大。这些公司关注的是增长而不是利润。亚马逊公司就是一个例子。<a href=\"https://laohu8.com/S/AMZN\">$(亚马逊)$</a>几十年来，该公司一直以高市盈率为代价，努力扩展到新的业务领域。</blockquote></p><p> A high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.</p><p><blockquote>高市盈率可以反映投资者对创新的热情，就电动汽车而言，也可以反映行业转型的政治共识。因此，蔚来和特斯拉的市盈率远高于传统汽车制造商。</blockquote></p><p> Then again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.</p><p><blockquote>话又说回来，非常低的市盈率可能表明投资者对老牌制造商过于蔑视，因为他们利用传统汽车持续大量销售的现金流来资助电动汽车的开发。机会可能会被强调。</blockquote></p><p> Normally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.</p><p><blockquote>通常，远期市盈率的计算方法是将股价除以 12 个月每股收益的滚动共识估计。这并不适用于此处列出的所有公司，因此我们使用 2022 年净利润的共识估计。</blockquote></p><p> First, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:</p><p><blockquote>首先，以下是基于当前市值和 FactSet 调查的分析师对 2022 年普遍预期的市盈率。该表包括到 2025 年的年度预测，以及基于当前市值和 2025 年预测的市盈率：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/459439c822252d09b3dfb73cc5d51211\" tg-width=\"1058\" tg-height=\"743\" width=\"100%\" height=\"auto\"> Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&amp;P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.</p><p><blockquote>蔚来预计将于 2023 年实现盈利。展望2024年，其远期市盈率低于特斯拉。为了正确看待未来的市盈率估值，标普500指数的交易加权为 2022 年每股收益共识预期的 20.5 倍。</blockquote></p><p> <b>Valuation to sales</b></p><p><blockquote><b>销售额估值</b></blockquote></p><p> <table>  <tbody>   <tr></tr>   <tr></tr>  </tbody> </table> Forward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.</p><p><blockquote><table><tbody><tr></tr><tr></tr></tbody></table>对于利润或净亏损较低的早期公司来说，远期销售价格估算可能更有用。话又说回来，同样的扭曲也适用：投资者现在喜欢纯粹的电动汽车制造商，当你考虑到蔚来的股价在过去一年里上涨了两倍多，而特斯拉的股价上涨了150%时，他们可能会为它们支付过高的价格。</blockquote></p><p> Here's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:</p><p><blockquote>以下是一组类似的驱动市销率的数据，再次使用当前市值（在本文顶部的第一个表格中）和以百万美元为单位的全年共识估计值：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8c0b7d002e07914e42fcdf0e624b25c\" tg-width=\"1051\" tg-height=\"668\" width=\"100%\" height=\"auto\"> For reference, the S&amp;P 500 trades for 2.7 times its consensus 2022 sales estimate.</p><p><blockquote>作为参考，标普500的交易价格是其 2022 年销量普遍预期的 2.7 倍。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <b>Analysts' opinions</b></p><p><blockquote><table><tbody><tr></tr></tbody></table><b>分析师意见</b></blockquote></p><p> Here's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:</p><p><blockquote>以下是 FactSet 调查的分析师对 10 家汽车制造商的意见摘要。对于主要在美国境外上市的公司，使用当地股票代码。所有股价和目标均以当地货币计算：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/32f38063eabf2e93f73561a0454a44ac\" tg-width=\"1059\" tg-height=\"639\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table></p><p><blockquote><table><tbody><tr></tr></tbody></table></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=mw_quote_news\">MarkeWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车","TSLA":"特斯拉","STLA":"Stellantis NV","F":"福特汽车","HMC":"本田汽车","NIO":"蔚来"},"source_url":"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=mw_quote_news","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159214569","content_text":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.\nA Nio store in downtown Shanghai. (Getty Images)\nChinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.\nThat might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.\nSo where does Nio $(NIO)$, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.\nDoubling car production\nFor the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.\nHere's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:\n\n\n\n\n\n\nYou can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc. and Nio, on this list -- may (or may not) become as large as legacy players.\nFor now, Ford churns out mostly internal combustion engine vehicles at nearly 35 times the rate that Nio makes EVs.\nOne thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.\nAmong those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:\nFor Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.\nVolkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.\nFor Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.\nValuation to earnings estimates\nFor companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. $(AMZN)$, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.\nA high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.\nThen again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.\nNormally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.\nFirst, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:\n\nNio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.\nValuation to sales\n\n\n\n\n\n\nForward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.\nHere's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:\n\nFor reference, the S&P 500 trades for 2.7 times its consensus 2022 sales estimate.\n\n\n\n\n\nAnalysts' opinions\nHere's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:","news_type":1,"symbols_score_info":{"STLA":0.9,"GM":0.9,"NIO":0.9,"TSLA":0.9,"HMC":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":3366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172329278,"gmtCreate":1626938348894,"gmtModify":1631889131420,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172329278","repostId":"2153477496","repostType":4,"isVote":1,"tweetType":1,"viewCount":2593,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809622605,"gmtCreate":1627367467707,"gmtModify":1631889131394,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Great earning","listText":"Great earning","text":"Great earning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/809622605","repostId":"1109472394","repostType":4,"isVote":1,"tweetType":1,"viewCount":3349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898638505,"gmtCreate":1628491174307,"gmtModify":1631889131385,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Go go go&nbsp;","listText":"Go go go&nbsp;","text":"Go go go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898638505","repostId":"1164323845","repostType":4,"repost":{"id":"1164323845","kind":"news","pubTimestamp":1628487986,"share":"https://www.laohunote.com/m/news/1164323845?lang=zh_CN&edition=full","pubTime":"2021-08-09 13:46","market":"us","language":"en","title":"Sohu.com Reports Second Quarter 2021 Unaudited Financial Results<blockquote>搜狐网报告2021年第二季度未经审计财务业绩</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164323845","media":"搜狐","summary":"BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video","content":"<p>BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video, gaming and search business group, today reported unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>北京，八月。2021 年 9 月 9 日/美通社/ --中国领先的在线媒体、视频、游戏和搜索业务集团搜狐网有限公司（纳斯达克：搜狐）今天公布了截至 2021 年 6 月 30 日的第二季度未经审计的财务业绩。</blockquote></p><p> In view of the previously-announced Share Purchase Agreement&nbsp;between subsidiaries of Tencent Holdings Limited (\"Tencent\") and the Company and its wholly-owned subsidiarySohu.com (Search) Limited(\"Sohu Search\") with respect to Sohu Search's&nbsp;Sogou Inc.(\"Sogou\") shares (the \"Sogou Share Purchase\"),&nbsp;the&nbsp;results of operations for Sogou have been excluded from the Company's results from continuing operations in the Company's condensed consolidated statements of operations and are presented in separate line items as discontinued operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, results presented in this release are related to continuing operations only[1].</p><p><blockquote>鉴于先前公布腾讯控股控股有限公司（「腾讯控股」）附属公司与本公司及其全资附属公司搜狐网（搜索）有限公司（「搜狐搜索」）就搜狐搜索的搜狗股份有限公司（「搜狗」）股份（「搜狗股份购买」）订立股份购买协议（「搜狗股份购买」），搜狗的经营业绩已于本公司简明综合经营报表的本公司持续经营业绩中剔除，并作为已终止经营业务以独立项目呈列。已对历史报表作出追溯调整，以提供一致的比较基准。除非另有说明，否则本新闻稿中呈现的结果仅与持续操作相关[1]。</blockquote></p><p> <b>Second Quarter Highlights</b></p><p><blockquote><b>第二季度亮点</b></blockquote></p><p> <ul>  <li>Total revenues wereUS$204 million[2], up 28% year-over-year and down 8% quarter-over-quarter.</li>  <li>Brand advertising revenues wereUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter.</li>  <li>Online game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter.</li>  <li>GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, compared with net income ofUS$11 million[3]in the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</li>  <li>Non-GAAP[4]net income from continuing operations attributable toSohu.com LimitedwasUS$25 million, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.</li> </ul> Dr.Charles Zhang, Chairman and CEO ofSohu.com Limited, commented, \"For the second quarter of 2021, despite the negative impact of COVID-19, we kept exploring new monetization opportunities while strictly controlling the budget. Thanks to the outperformance of our online game business, our profitability exceeded the prior guidance. For Sohu Media, we focused on innovating our products and technology, and effectively promoting the generation and distribution of high-quality content. For Sohu Video, we continued to execute our \"Twin engine\" strategy of developing high quality long-form and short-form content, while at the same time refining our advanced live broadcasting technologies and rolling them out to various applications. We were also able to diversify our revenue sources and better capture advertising budgets by integrating our live broadcasting technologies into our unique events. For Changyou, online games performed well during the quarter, and its revenue exceeded the high end of our prior guidance.\"</p><p><blockquote><ul><li>总收入为2.04亿美元[2]，同比增长28%，环比下降8%。</li><li>品牌广告收入为3700万美元，同比下降3%，环比增长20%。</li><li>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。</li><li>归属于sohu.com Limited的GAAP持续经营业务净利润为2200万美元，而2020年第二季度净利润为1100万美元[3]，2021年第一季度净利润为3200万美元。</li><li>非公认会计准则[4]搜狐网有限公司应占持续经营业务净利润为2500万美元，而2020年第二季度净利润为1200万美元，2021年第一季度净利润为3700万美元。</li></ul>搜狐网有限公司董事长兼首席执行官Charles Zhang博士评论道：“2021年第二季度，尽管受到COVID-19的负面影响，我们在严格控制预算的同时，继续探索新的货币化机会。得益于我们在线游戏业务的优异表现，我们的盈利能力超过了之前的指导。对于搜狐传媒，我们专注于产品和技术的创新，并有效促进高质量内容的生成和分发。在搜狐视频方面，我们继续执行“双引擎”战略，开发高质量的长格式和短格式内容，同时完善我们先进的直播技术，并将其推广到各种应用中。透过将直播技术整合到我们独特的活动中，我们亦得以实现收入来源多元化，并更好地获取广告预算。对于畅游来说，本季度网络游戏表现良好，营收超过了我们此前指引的高端。”</blockquote></p><p> <table>  <tbody>   <tr>    <td>[1] The parties currently expect the completion of the transaction will be during the second half of 2021, subject to the satisfaction or waiver of all the conditions to the transaction.</p><p><blockquote><table><tbody><tr><td>[1]双方目前预计交易将于2021年下半年完成，前提是交易的所有条件得到满足或豁免。</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[2] On a constant currency (non-GAAP) basis, if the exchange rate in the second quarter of 2021 had been the same as it was in the second quarter of 2020, orRMB7.08=US$1.00, US$ total revenues in the second quarter of 2021 would have beenUS$186 million, orUS$18 millionless than GAAP total revenues, and up 17% year-over-year.</p><p><blockquote><tr><td>[2]按固定汇率（非美国通用会计准则）计算，若2021年第二季度汇率与2020年第二季度相同，orRMB7.08=1.00美元，2021年第二季度美元总收入将为1.86亿美元，比美国通用会计准则总收入少1800万美元，同比增长17%。</td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>[3] Both the GAAP and non-GAAP net income from continuing operations attributable toSohu.com Limitedfor the second quarter of 2020 mentioned in this release excluded the impact of an additional accrual of withholding income tax ofUS$88 millionrecognized by Changyou in that quarter following completion of the Changyou privatization, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends.</p><p><blockquote><tr><td>[3]本新闻稿中提及的搜狐网有限公司2020年第二季度的GAAP和非GAAP持续经营业务净利润均不包括畅游私有化完成后该季度确认的额外预提所得税8800万美元的影响，因为畅游改变了其中国子公司有关现金股息分配的政策。</td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>[4] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the one-time transition tax (the \"Toll Charge\") imposed by theU.S.Tax Cuts and Jobs Act signed into law onDecember 22, 2017(the \"U.S.TCJA\"). 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.\"</p><p><blockquote><tr><td>[4] 非 GAAP 业绩不包括基于股票的薪酬费用；本公司合并经营报表中就公允价值可随时厘定的股权投资确认的公允价值变动；就与本公司核心业务无关的投资确认的减值费用；以及与美国征收的一次性过渡税（“通行费”）相关确认的利息支出。减税和就业法案于2017年12月22日签署成为法律（“美国TCJA”）。公司非 GAAP 财务指标的解释以及与 GAAP 财务指标的相关调节包含在随附的“非 GAAP 披露”和“非 GAAP 经营业绩指标与最接近的可比 GAAP 指标的调节”中。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Second Quarter Financial Results</b></p><p><blockquote><b>第二季度财务业绩</b></blockquote></p><p> <b><i>Revenues</i></b></p><p><blockquote><b><i>收入</i></b></blockquote></p><p> Total revenues wereUS$204 million, up 28% year-over-year and down 8% quarter-over-quarter.</p><p><blockquote>总收入为2.04亿美元，同比增长28%，环比下降8%。</blockquote></p><p></p><p> Brand advertising revenues totaledUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter. The quarter-over-quarter increase was mainly attributable to a seasonality increase and our continuing efforts to boost our revenues in portal and video advertising.</p><p><blockquote>品牌广告收入总计3700万美元，同比下降3%，环比增长20%。环比增长主要归因于季节性增长以及我们持续努力提高门户网站和视频广告收入。</blockquote></p><p> Online game revenues wereUS$151 million, up 43% year-over-year and down 14%&nbsp;quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC.</p><p><blockquote>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。同比增长主要得益于2020年第四季度推出的TLBB Vintage。环比下降主要是由于TLBB PC的自然下降。</blockquote></p><p> <b><i>Gross Margin</i></b></p><p><blockquote><b><i>毛利率</i></b></blockquote></p><p> Both GAAP and non-GAAP gross margin was 76%,&nbsp;compared with 67% in the second quarter of 2020 and 79% in the first quarter of 2021.</p><p><blockquote>GAAP 和非 GAAP 毛利率均为 76%，而 2020 年第二季度为 67%，2021 年第一季度为 79%。</blockquote></p><p> GAAP gross margin for the brand advertising business was&nbsp;27%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.&nbsp;Non-GAAP gross margin for the brand advertising business was&nbsp;28%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.The year-over-year decrease was mainly due to increases in costs of events hosted in the second quarter of 2021, which have been resumed to a large extent with the easing of COVID-19. The quarter-over-quarter increase was mainly due to increased revenues in the portal and video advertising businesses.</p><p><blockquote>品牌广告业务的GAAP毛利率为27%，而2020年第二季度为40%，2021年第一季度为20%。品牌广告业务的非GAAP毛利率为28%，而2020年第二季度为40%，2021年第一季度为20%。同比减少主要由于2021年第二季度举办的活动成本增加，而随着COVID-19的缓解，这些活动已在很大程度上恢复。环比增长主要是由于门户网站和视频广告业务的收入增加。</blockquote></p><p> GAAP gross margin for online games was 89%, compared with 77% in the second quarter of 2020 and 89% in the first quarter of 2021. Non-GAAP gross margin for online games was 89%, compared with 78% in the second quarter of 2020 and 90% in the first quarter of 2021. The year-over-year increase in gross margin was mainly due to a higher percentage revenue contribution from PC games, which typically require lower revenue-sharing payments.</p><p><blockquote>网络游戏的 GAAP 毛利率为 89%，而 2020 年第二季度为 77%，2021 年第一季度为 89%。网络游戏的非 GAAP 毛利率为 89%，而 2020 年第二季度为 78%，2021 年第一季度为 90%。毛利率同比增加主要由于电脑游戏的收入贡献百分比较高，而电脑游戏通常需要较低的收入分成付款。</blockquote></p><p> <b><i>Operating Expenses</i></b></p><p><blockquote><b><i>营运开支</i></b></blockquote></p><p> For the&nbsp;second quarter of 2021, GAAP operating expenses totaledUS$130 million, up 23% year-over-year and 5% quarter-over-quarter. Non-GAAP operating expenses wereUS$127 million, up 25% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to increases in marketing expenses and salary and benefits expenses.</p><p><blockquote>2021年第二季度，GAAP运营费用总计1.3亿美元，同比增长23%，环比增长5%。非 GAAP 运营费用为 1.27 亿美元，同比增长 25%，环比增长 4%。同比增加主要是由于市场营销费用及薪资福利费用增加所致。</blockquote></p><p> <b>O</b><b><i>perating Profit</i></b></p><p><blockquote><b>O</b><b><i>盈利预测</i></b></blockquote></p><p> GAAP operating profit wasUS$25 million, compared with an operating profit of&nbsp;US$1 million in the second quarter of 2020 and an operating profit ofUS$51 millionin the first quarter of 2021.</p><p><blockquote>GAAP营业利润为2500万美元，而2020年第二季度营业利润为100万美元，2021年第一季度营业利润为5100万美元。</blockquote></p><p> Non-GAAP operating profit was&nbsp;US$28 million, compared with an operating profit of&nbsp;US$5&nbsp;million&nbsp;in the&nbsp;second quarter of 2020 and an operating profit ofUS$53million&nbsp;in the first quarter of 2021.</p><p><blockquote>非美国通用会计准则营业利润为2800万美元，而2020年第二季度营业利润为500万美元，2021年第一季度营业利润为5300万美元。</blockquote></p><p> <b><i>Income Tax Expense</i></b></p><p><blockquote><b><i>所得税开支</i></b></blockquote></p><p> GAAP income tax expense wasUS$11 million, compared with income tax expense ofUS$86 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. Non-GAAP income tax expense wasUS$9 million, compared with income tax expense ofUS$83 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. The income tax expense in the second quarter of 2021 included a one-time tax benefit ofUS$9 millionrecognized by Changyou after final settlement of its income tax due for 2020. For the second quarter of 2020, Changyou recognized an additional accrual of withholding income tax ofUS$88 million, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends after the completion of the privatization of Changyou.</p><p><blockquote>GAAP所得税费用为1100万美元，而2020年第二季度所得税费用为8600万美元，2021年第一季度所得税费用为2300万美元。非GAAP所得税费用为900万美元，而2020年第二季度所得税费用为8300万美元，2021年第一季度所得税费用为2300万美元。2021年第二季度的所得税开支包括畅游于2020年到期所得税最终结算后确认的900万美元的一次性税收优惠。于二零二零年第二季度，畅游确认额外预提所得税8,800万美元，原因是畅游在完成私有化后改变了其中国附属公司有关现金股息分派的政策。</blockquote></p><p> <b><i>Net Income</i></b></p><p><blockquote><b><i>净收入</i></b></blockquote></p><p> GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, or net income ofUS$0.55&nbsp;per fully-diluted ADS,&nbsp;compared with net income ofUS$11 millionin the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</p><p><blockquote>归属于sohu.com Limited的GAAP持续经营业务净利润为2200万美元，即每股完全稀释ADS净利润为0.55美元，而2020年第二季度净利润为1100万美元，2021年第一季度净利润为3200万美元。</blockquote></p><p> Non-GAAP net&nbsp;income from continuing operations&nbsp;attributable toSohu.com Limitedwas US$25&nbsp;million,&nbsp;or net income ofUS$0.63&nbsp;per fully-diluted ADS,&nbsp;compared with&nbsp;net income&nbsp;ofUS$12 millionin the&nbsp;second quarter of 2020 and net income&nbsp;ofUS$37 millionin the first quarter of 2021.</p><p><blockquote>归属于搜狐网有限公司的非公认会计准则持续经营业务净利润为 2500 万美元，即每股完全稀释美国存托凭证净利润为 0.63 美元，而 2020 年第二季度净利润为 1200 万美元，2021 年第一季度净利润为 3700 万美元。</blockquote></p><p> <b><i>Liquidity</i></b></p><p><blockquote><b><i>流动性</i></b></blockquote></p><p> As ofJune 30, 2021, cash and cash equivalents and short-term investments wereUS$349 million.</p><p><blockquote>截至2021年6月30日，现金及现金等价物以及短期投资为3.49亿美元。</blockquote></p><p> <b>Supplementary Information for Changyou Results</b></p><p><blockquote><b>畅游业绩补充资料</b></blockquote></p><p> <b><i>Second&nbsp;Quarter 2021 Operating Results</i></b></p><p><blockquote><b><i>2021年第二季度经营业绩</i></b></blockquote></p><p></p><p> <ul>  <li>For PC games, total average monthly active user accounts[5](MAU) were 2.1 million, an increase of 9% year-over-year and a decrease of 8% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020, partially offset by termination of the operation of Warframe. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC. Total quarterly aggregate active paying accounts[6](APA) were 0.9 million, a decrease of 3% year-over-year and 4% quarter-over-quarter.</li>  <li>For mobile games, total average MAU were 1.9 million, a decrease of 39% year-over-year and 7% quarter-over-quarter. The year-over-year decrease was mainly from Legacy TLBB Mobile and TLBB Honor. The quarter-over-quarter decrease was mainly due to TLBB Honor. Total quarterly APA were 0.5 million, a decrease of 21% year-over-year and an increase of 5% quarter-over-quarter. The year-over-year and quarter-over-quarter changes were mainly due to TLBB Honor.</li> </ul> <table>  <tbody>   <tr>    <td>[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.</p><p><blockquote><ul><li>PC游戏方面，月均活跃用户账户[5]（MAU）总数为210万，同比增长9%，环比下降8%。同比增长主要是由于2020年第四季度推出的TLBB Vintage，部分被Warframe运营的终止所抵消。环比下降主要是由于TLBB PC的自然下降。季度活跃支付账户总数[6]（APA）为90万个，同比下降3%，环比下降4%。</li><li>移动游戏方面，总平均MAU为190万，同比下降39%，环比下降7%。同比下降主要来自传统的 TLBB Mobile 和 TLBB Honor。环比下降主要是由于TLBB荣誉。季度APA总额为50万，同比下降21%，环比增长5%。同比和环比变化主要是由于TLBB荣誉。</li></ul><table><tbody><tr><td>[5]月活跃用户帐户是指当月内至少登陆该等游戏一次的注册帐户数量。</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.</p><p><blockquote><tr><td>[6]季度累计活跃支付账户是指在季度内至少使用一次游戏积分的账户数量。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b><i>Second Quarter 2021 Unaudited Financial Results</i></b></p><p><blockquote><b><i>2021年第二季度未经审计财务业绩</i></b></blockquote></p><p> <b>Total revenues</b>&nbsp;wereUS$154 million, an increase of 41% year-over-year and a decrease of 14% quarter-over-quarter. Online game revenues wereUS$151 million, an increase of 43% year-over-year and a decrease of 14% quarter-over-quarter. Online advertising revenues wereUS$3 million, a decrease of 19% year-over-year and 11% quarter-over-quarter.</p><p><blockquote><b>收入总额</b>为1.54亿美元，同比增长41%，环比下降14%。网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。在线广告收入为300万美元，同比下降19%，环比下降11%。</blockquote></p><p> <b>GAAP and non-GAAP gross profit</b>were bothUS$136 million, an increase of 61% year-over-year and a decrease of 15% quarter-over-quarter.</p><p><blockquote><b>公认会计准则和非公认会计准则毛利润</b>均为 1.36 亿美元，同比增长 61%，环比下降 15%。</blockquote></p><p> <b>GAAP operating expenses</b>&nbsp;wereUS$63 million, an increase of 24% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to an increase in bonus expenses related to revenue growth, as well as an increase in marketing and promotional spending for online games.</p><p><blockquote><b>GAAP 运营费用</b>为6300万美元，同比增长24%，环比增长4%。同比增加主要是由于与收入增长相关的奖金支出增加，以及网络游戏的营销和推广支出增加。</blockquote></p><p> <b>Non-GAAP operating expenses</b>&nbsp;wereUS$61 million, an increase of 28% year-over-year and 4% quarter-over-quarter.</p><p><blockquote><b>非 GAAP 运营费用</b>为 6100 万美元，同比增长 28%，环比增长 4%。</blockquote></p><p> <b>GAAP operating profit</b>&nbsp;wasUS$73 million, compared with an operating profit ofUS$33 millionfor the second quarter of 2020 andUS$99 millionfor the first quarter of 2021.</p><p><blockquote><b>GAAP 营业利润</b>为7300万美元，而2020年第二季度的营业利润为3300万美元，2021年第一季度的营业利润为9900万美元。</blockquote></p><p> <b>Non-GAAP operating profit</b>&nbsp;wasUS$75 million, compared with a non-GAAP operating profit ofUS$37 millionfor the second quarter of 2020 andUS$101 millionfor the first quarter of 2021.</p><p><blockquote><b>非 GAAP 营业利润</b>为 7500 万美元，而 2020 年第二季度非 GAAP 营业利润为 3700 万美元，2021 年第一季度为 1.01 亿美元。</blockquote></p><p> <b>Business Outlook</b></p><p><blockquote><b>业务展望</b></blockquote></p><p> For the third quarter of 2021, Sohu estimates:</p><p><blockquote>对于2021年第三季度，搜狐预计：</blockquote></p><p> <ul>  <li>Brand advertising revenues to be between US$35&nbsp;million andUS$39 million; this implies an annual decrease of 5% to 15% and a sequential&nbsp;decrease of 5% to a sequential&nbsp;increase 6%.</li>  <li>Online game revenues to be betweenUS$145 millionandUS$155 million; this implies an annual increase of 43% to 53% and a sequential decrease of 4% to a sequential&nbsp;increase 2%.</li>  <li>Non-GAAP net income from continuing operations attributable toSohu.com Limitedto be between nil andUS$10 million; and GAAP net income/(loss) from continuing operations attributable toSohu.com Limitedto be between a net loss ofUS$4 millionand a net income ofUS$6 million.</li> </ul> For the third&nbsp;quarter 2021 guidance, the Company has adopted a presumed exchange rate ofRMB6.47=US$1.00, as compared with the actual exchange rate of approximatelyRMB6.92=US$1.00for the third&nbsp;quarter of 2020, andRMB6.46=US$1.00&nbsp;for the second&nbsp;quarter of 2021.</p><p><blockquote><ul><li>品牌广告收入将在3500万美元至3900万美元之间；这意味着每年减少5%至15%，连续减少5%至连续增加6%。</li><li>网络游戏收入将在1.45亿美元至1.55亿美元之间；这意味着每年增长43%至53%，连续下降4%至连续增长2%。</li><li>Sohu.com Limited 应占的非 GAAP 持续经营业务净利润在零至 1000 万美元之间；Sohu.com Limited 应占的 GAAP 持续经营业务净利润/（亏损）介于净亏损 400 万美元至净利润 600 万美元之间。</li></ul>就2021年第三季度指引而言，本公司采用人民币6.47元=1.00美元的假设汇率，而2020年第三季度的实际汇率约为人民币6.92元=1.00美元，2021年第二季度的实际汇率约为人民币6.46元=1.00美元。</blockquote></p><p> This forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty, particularly in view of the potential ongoing impact of the worldwide COVID-19 pandemic, which remains difficult to predict.<img src=\"https://static.tigerbbs.com/4782b452132d214df35cd21432e44916\" tg-width=\"682\" tg-height=\"844\" referrerpolicy=\"no-referrer\"></p><p><blockquote>该预测反映了搜狐管理层的当前和初步观点，该观点存在重大不确定性，特别是考虑到全球范围内的 COVID-19 大流行的潜在持续影响，这仍然难以预测。</blockquote></p><p></p>","source":"sh","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sohu.com Reports Second Quarter 2021 Unaudited Financial Results<blockquote>搜狐网报告2021年第二季度未经审计财务业绩</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSohu.com Reports Second Quarter 2021 Unaudited Financial Results<blockquote>搜狐网报告2021年第二季度未经审计财务业绩</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">搜狐</strong><span class=\"h-time small\">2021-08-09 13:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video, gaming and search business group, today reported unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>北京，八月。2021 年 9 月 9 日/美通社/ --中国领先的在线媒体、视频、游戏和搜索业务集团搜狐网有限公司（纳斯达克：搜狐）今天公布了截至 2021 年 6 月 30 日的第二季度未经审计的财务业绩。</blockquote></p><p> In view of the previously-announced Share Purchase Agreement&nbsp;between subsidiaries of Tencent Holdings Limited (\"Tencent\") and the Company and its wholly-owned subsidiarySohu.com (Search) Limited(\"Sohu Search\") with respect to Sohu Search's&nbsp;Sogou Inc.(\"Sogou\") shares (the \"Sogou Share Purchase\"),&nbsp;the&nbsp;results of operations for Sogou have been excluded from the Company's results from continuing operations in the Company's condensed consolidated statements of operations and are presented in separate line items as discontinued operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, results presented in this release are related to continuing operations only[1].</p><p><blockquote>鉴于先前公布腾讯控股控股有限公司（「腾讯控股」）附属公司与本公司及其全资附属公司搜狐网（搜索）有限公司（「搜狐搜索」）就搜狐搜索的搜狗股份有限公司（「搜狗」）股份（「搜狗股份购买」）订立股份购买协议（「搜狗股份购买」），搜狗的经营业绩已于本公司简明综合经营报表的本公司持续经营业绩中剔除，并作为已终止经营业务以独立项目呈列。已对历史报表作出追溯调整，以提供一致的比较基准。除非另有说明，否则本新闻稿中呈现的结果仅与持续操作相关[1]。</blockquote></p><p> <b>Second Quarter Highlights</b></p><p><blockquote><b>第二季度亮点</b></blockquote></p><p> <ul>  <li>Total revenues wereUS$204 million[2], up 28% year-over-year and down 8% quarter-over-quarter.</li>  <li>Brand advertising revenues wereUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter.</li>  <li>Online game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter.</li>  <li>GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, compared with net income ofUS$11 million[3]in the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</li>  <li>Non-GAAP[4]net income from continuing operations attributable toSohu.com LimitedwasUS$25 million, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.</li> </ul> Dr.Charles Zhang, Chairman and CEO ofSohu.com Limited, commented, \"For the second quarter of 2021, despite the negative impact of COVID-19, we kept exploring new monetization opportunities while strictly controlling the budget. Thanks to the outperformance of our online game business, our profitability exceeded the prior guidance. For Sohu Media, we focused on innovating our products and technology, and effectively promoting the generation and distribution of high-quality content. For Sohu Video, we continued to execute our \"Twin engine\" strategy of developing high quality long-form and short-form content, while at the same time refining our advanced live broadcasting technologies and rolling them out to various applications. We were also able to diversify our revenue sources and better capture advertising budgets by integrating our live broadcasting technologies into our unique events. For Changyou, online games performed well during the quarter, and its revenue exceeded the high end of our prior guidance.\"</p><p><blockquote><ul><li>总收入为2.04亿美元[2]，同比增长28%，环比下降8%。</li><li>品牌广告收入为3700万美元，同比下降3%，环比增长20%。</li><li>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。</li><li>归属于sohu.com Limited的GAAP持续经营业务净利润为2200万美元，而2020年第二季度净利润为1100万美元[3]，2021年第一季度净利润为3200万美元。</li><li>非公认会计准则[4]搜狐网有限公司应占持续经营业务净利润为2500万美元，而2020年第二季度净利润为1200万美元，2021年第一季度净利润为3700万美元。</li></ul>搜狐网有限公司董事长兼首席执行官Charles Zhang博士评论道：“2021年第二季度，尽管受到COVID-19的负面影响，我们在严格控制预算的同时，继续探索新的货币化机会。得益于我们在线游戏业务的优异表现，我们的盈利能力超过了之前的指导。对于搜狐传媒，我们专注于产品和技术的创新，并有效促进高质量内容的生成和分发。在搜狐视频方面，我们继续执行“双引擎”战略，开发高质量的长格式和短格式内容，同时完善我们先进的直播技术，并将其推广到各种应用中。透过将直播技术整合到我们独特的活动中，我们亦得以实现收入来源多元化，并更好地获取广告预算。对于畅游来说，本季度网络游戏表现良好，营收超过了我们此前指引的高端。”</blockquote></p><p> <table>  <tbody>   <tr>    <td>[1] The parties currently expect the completion of the transaction will be during the second half of 2021, subject to the satisfaction or waiver of all the conditions to the transaction.</p><p><blockquote><table><tbody><tr><td>[1]双方目前预计交易将于2021年下半年完成，前提是交易的所有条件得到满足或豁免。</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[2] On a constant currency (non-GAAP) basis, if the exchange rate in the second quarter of 2021 had been the same as it was in the second quarter of 2020, orRMB7.08=US$1.00, US$ total revenues in the second quarter of 2021 would have beenUS$186 million, orUS$18 millionless than GAAP total revenues, and up 17% year-over-year.</p><p><blockquote><tr><td>[2]按固定汇率（非美国通用会计准则）计算，若2021年第二季度汇率与2020年第二季度相同，orRMB7.08=1.00美元，2021年第二季度美元总收入将为1.86亿美元，比美国通用会计准则总收入少1800万美元，同比增长17%。</td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>[3] Both the GAAP and non-GAAP net income from continuing operations attributable toSohu.com Limitedfor the second quarter of 2020 mentioned in this release excluded the impact of an additional accrual of withholding income tax ofUS$88 millionrecognized by Changyou in that quarter following completion of the Changyou privatization, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends.</p><p><blockquote><tr><td>[3]本新闻稿中提及的搜狐网有限公司2020年第二季度的GAAP和非GAAP持续经营业务净利润均不包括畅游私有化完成后该季度确认的额外预提所得税8800万美元的影响，因为畅游改变了其中国子公司有关现金股息分配的政策。</td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>[4] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the one-time transition tax (the \"Toll Charge\") imposed by theU.S.Tax Cuts and Jobs Act signed into law onDecember 22, 2017(the \"U.S.TCJA\"). 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.\"</p><p><blockquote><tr><td>[4] 非 GAAP 业绩不包括基于股票的薪酬费用；本公司合并经营报表中就公允价值可随时厘定的股权投资确认的公允价值变动；就与本公司核心业务无关的投资确认的减值费用；以及与美国征收的一次性过渡税（“通行费”）相关确认的利息支出。减税和就业法案于2017年12月22日签署成为法律（“美国TCJA”）。公司非 GAAP 财务指标的解释以及与 GAAP 财务指标的相关调节包含在随附的“非 GAAP 披露”和“非 GAAP 经营业绩指标与最接近的可比 GAAP 指标的调节”中。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Second Quarter Financial Results</b></p><p><blockquote><b>第二季度财务业绩</b></blockquote></p><p> <b><i>Revenues</i></b></p><p><blockquote><b><i>收入</i></b></blockquote></p><p> Total revenues wereUS$204 million, up 28% year-over-year and down 8% quarter-over-quarter.</p><p><blockquote>总收入为2.04亿美元，同比增长28%，环比下降8%。</blockquote></p><p></p><p> Brand advertising revenues totaledUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter. The quarter-over-quarter increase was mainly attributable to a seasonality increase and our continuing efforts to boost our revenues in portal and video advertising.</p><p><blockquote>品牌广告收入总计3700万美元，同比下降3%，环比增长20%。环比增长主要归因于季节性增长以及我们持续努力提高门户网站和视频广告收入。</blockquote></p><p> Online game revenues wereUS$151 million, up 43% year-over-year and down 14%&nbsp;quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC.</p><p><blockquote>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。同比增长主要得益于2020年第四季度推出的TLBB Vintage。环比下降主要是由于TLBB PC的自然下降。</blockquote></p><p> <b><i>Gross Margin</i></b></p><p><blockquote><b><i>毛利率</i></b></blockquote></p><p> Both GAAP and non-GAAP gross margin was 76%,&nbsp;compared with 67% in the second quarter of 2020 and 79% in the first quarter of 2021.</p><p><blockquote>GAAP 和非 GAAP 毛利率均为 76%，而 2020 年第二季度为 67%，2021 年第一季度为 79%。</blockquote></p><p> GAAP gross margin for the brand advertising business was&nbsp;27%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.&nbsp;Non-GAAP gross margin for the brand advertising business was&nbsp;28%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.The year-over-year decrease was mainly due to increases in costs of events hosted in the second quarter of 2021, which have been resumed to a large extent with the easing of COVID-19. The quarter-over-quarter increase was mainly due to increased revenues in the portal and video advertising businesses.</p><p><blockquote>品牌广告业务的GAAP毛利率为27%，而2020年第二季度为40%，2021年第一季度为20%。品牌广告业务的非GAAP毛利率为28%，而2020年第二季度为40%，2021年第一季度为20%。同比减少主要由于2021年第二季度举办的活动成本增加，而随着COVID-19的缓解，这些活动已在很大程度上恢复。环比增长主要是由于门户网站和视频广告业务的收入增加。</blockquote></p><p> GAAP gross margin for online games was 89%, compared with 77% in the second quarter of 2020 and 89% in the first quarter of 2021. Non-GAAP gross margin for online games was 89%, compared with 78% in the second quarter of 2020 and 90% in the first quarter of 2021. The year-over-year increase in gross margin was mainly due to a higher percentage revenue contribution from PC games, which typically require lower revenue-sharing payments.</p><p><blockquote>网络游戏的 GAAP 毛利率为 89%，而 2020 年第二季度为 77%，2021 年第一季度为 89%。网络游戏的非 GAAP 毛利率为 89%，而 2020 年第二季度为 78%，2021 年第一季度为 90%。毛利率同比增加主要由于电脑游戏的收入贡献百分比较高，而电脑游戏通常需要较低的收入分成付款。</blockquote></p><p> <b><i>Operating Expenses</i></b></p><p><blockquote><b><i>营运开支</i></b></blockquote></p><p> For the&nbsp;second quarter of 2021, GAAP operating expenses totaledUS$130 million, up 23% year-over-year and 5% quarter-over-quarter. Non-GAAP operating expenses wereUS$127 million, up 25% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to increases in marketing expenses and salary and benefits expenses.</p><p><blockquote>2021年第二季度，GAAP运营费用总计1.3亿美元，同比增长23%，环比增长5%。非 GAAP 运营费用为 1.27 亿美元，同比增长 25%，环比增长 4%。同比增加主要是由于市场营销费用及薪资福利费用增加所致。</blockquote></p><p> <b>O</b><b><i>perating Profit</i></b></p><p><blockquote><b>O</b><b><i>盈利预测</i></b></blockquote></p><p> GAAP operating profit wasUS$25 million, compared with an operating profit of&nbsp;US$1 million in the second quarter of 2020 and an operating profit ofUS$51 millionin the first quarter of 2021.</p><p><blockquote>GAAP营业利润为2500万美元，而2020年第二季度营业利润为100万美元，2021年第一季度营业利润为5100万美元。</blockquote></p><p> Non-GAAP operating profit was&nbsp;US$28 million, compared with an operating profit of&nbsp;US$5&nbsp;million&nbsp;in the&nbsp;second quarter of 2020 and an operating profit ofUS$53million&nbsp;in the first quarter of 2021.</p><p><blockquote>非美国通用会计准则营业利润为2800万美元，而2020年第二季度营业利润为500万美元，2021年第一季度营业利润为5300万美元。</blockquote></p><p> <b><i>Income Tax Expense</i></b></p><p><blockquote><b><i>所得税开支</i></b></blockquote></p><p> GAAP income tax expense wasUS$11 million, compared with income tax expense ofUS$86 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. Non-GAAP income tax expense wasUS$9 million, compared with income tax expense ofUS$83 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. The income tax expense in the second quarter of 2021 included a one-time tax benefit ofUS$9 millionrecognized by Changyou after final settlement of its income tax due for 2020. For the second quarter of 2020, Changyou recognized an additional accrual of withholding income tax ofUS$88 million, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends after the completion of the privatization of Changyou.</p><p><blockquote>GAAP所得税费用为1100万美元，而2020年第二季度所得税费用为8600万美元，2021年第一季度所得税费用为2300万美元。非GAAP所得税费用为900万美元，而2020年第二季度所得税费用为8300万美元，2021年第一季度所得税费用为2300万美元。2021年第二季度的所得税开支包括畅游于2020年到期所得税最终结算后确认的900万美元的一次性税收优惠。于二零二零年第二季度，畅游确认额外预提所得税8,800万美元，原因是畅游在完成私有化后改变了其中国附属公司有关现金股息分派的政策。</blockquote></p><p> <b><i>Net Income</i></b></p><p><blockquote><b><i>净收入</i></b></blockquote></p><p> GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, or net income ofUS$0.55&nbsp;per fully-diluted ADS,&nbsp;compared with net income ofUS$11 millionin the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</p><p><blockquote>归属于sohu.com Limited的GAAP持续经营业务净利润为2200万美元，即每股完全稀释ADS净利润为0.55美元，而2020年第二季度净利润为1100万美元，2021年第一季度净利润为3200万美元。</blockquote></p><p> Non-GAAP net&nbsp;income from continuing operations&nbsp;attributable toSohu.com Limitedwas US$25&nbsp;million,&nbsp;or net income ofUS$0.63&nbsp;per fully-diluted ADS,&nbsp;compared with&nbsp;net income&nbsp;ofUS$12 millionin the&nbsp;second quarter of 2020 and net income&nbsp;ofUS$37 millionin the first quarter of 2021.</p><p><blockquote>归属于搜狐网有限公司的非公认会计准则持续经营业务净利润为 2500 万美元，即每股完全稀释美国存托凭证净利润为 0.63 美元，而 2020 年第二季度净利润为 1200 万美元，2021 年第一季度净利润为 3700 万美元。</blockquote></p><p> <b><i>Liquidity</i></b></p><p><blockquote><b><i>流动性</i></b></blockquote></p><p> As ofJune 30, 2021, cash and cash equivalents and short-term investments wereUS$349 million.</p><p><blockquote>截至2021年6月30日，现金及现金等价物以及短期投资为3.49亿美元。</blockquote></p><p> <b>Supplementary Information for Changyou Results</b></p><p><blockquote><b>畅游业绩补充资料</b></blockquote></p><p> <b><i>Second&nbsp;Quarter 2021 Operating Results</i></b></p><p><blockquote><b><i>2021年第二季度经营业绩</i></b></blockquote></p><p></p><p> <ul>  <li>For PC games, total average monthly active user accounts[5](MAU) were 2.1 million, an increase of 9% year-over-year and a decrease of 8% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020, partially offset by termination of the operation of Warframe. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC. Total quarterly aggregate active paying accounts[6](APA) were 0.9 million, a decrease of 3% year-over-year and 4% quarter-over-quarter.</li>  <li>For mobile games, total average MAU were 1.9 million, a decrease of 39% year-over-year and 7% quarter-over-quarter. The year-over-year decrease was mainly from Legacy TLBB Mobile and TLBB Honor. The quarter-over-quarter decrease was mainly due to TLBB Honor. Total quarterly APA were 0.5 million, a decrease of 21% year-over-year and an increase of 5% quarter-over-quarter. The year-over-year and quarter-over-quarter changes were mainly due to TLBB Honor.</li> </ul> <table>  <tbody>   <tr>    <td>[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.</p><p><blockquote><ul><li>PC游戏方面，月均活跃用户账户[5]（MAU）总数为210万，同比增长9%，环比下降8%。同比增长主要是由于2020年第四季度推出的TLBB Vintage，部分被Warframe运营的终止所抵消。环比下降主要是由于TLBB PC的自然下降。季度活跃支付账户总数[6]（APA）为90万个，同比下降3%，环比下降4%。</li><li>移动游戏方面，总平均MAU为190万，同比下降39%，环比下降7%。同比下降主要来自传统的 TLBB Mobile 和 TLBB Honor。环比下降主要是由于TLBB荣誉。季度APA总额为50万，同比下降21%，环比增长5%。同比和环比变化主要是由于TLBB荣誉。</li></ul><table><tbody><tr><td>[5]月活跃用户帐户是指当月内至少登陆该等游戏一次的注册帐户数量。</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.</p><p><blockquote><tr><td>[6]季度累计活跃支付账户是指在季度内至少使用一次游戏积分的账户数量。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b><i>Second Quarter 2021 Unaudited Financial Results</i></b></p><p><blockquote><b><i>2021年第二季度未经审计财务业绩</i></b></blockquote></p><p> <b>Total revenues</b>&nbsp;wereUS$154 million, an increase of 41% year-over-year and a decrease of 14% quarter-over-quarter. Online game revenues wereUS$151 million, an increase of 43% year-over-year and a decrease of 14% quarter-over-quarter. Online advertising revenues wereUS$3 million, a decrease of 19% year-over-year and 11% quarter-over-quarter.</p><p><blockquote><b>收入总额</b>为1.54亿美元，同比增长41%，环比下降14%。网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。在线广告收入为300万美元，同比下降19%，环比下降11%。</blockquote></p><p> <b>GAAP and non-GAAP gross profit</b>were bothUS$136 million, an increase of 61% year-over-year and a decrease of 15% quarter-over-quarter.</p><p><blockquote><b>公认会计准则和非公认会计准则毛利润</b>均为 1.36 亿美元，同比增长 61%，环比下降 15%。</blockquote></p><p> <b>GAAP operating expenses</b>&nbsp;wereUS$63 million, an increase of 24% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to an increase in bonus expenses related to revenue growth, as well as an increase in marketing and promotional spending for online games.</p><p><blockquote><b>GAAP 运营费用</b>为6300万美元，同比增长24%，环比增长4%。同比增加主要是由于与收入增长相关的奖金支出增加，以及网络游戏的营销和推广支出增加。</blockquote></p><p> <b>Non-GAAP operating expenses</b>&nbsp;wereUS$61 million, an increase of 28% year-over-year and 4% quarter-over-quarter.</p><p><blockquote><b>非 GAAP 运营费用</b>为 6100 万美元，同比增长 28%，环比增长 4%。</blockquote></p><p> <b>GAAP operating profit</b>&nbsp;wasUS$73 million, compared with an operating profit ofUS$33 millionfor the second quarter of 2020 andUS$99 millionfor the first quarter of 2021.</p><p><blockquote><b>GAAP 营业利润</b>为7300万美元，而2020年第二季度的营业利润为3300万美元，2021年第一季度的营业利润为9900万美元。</blockquote></p><p> <b>Non-GAAP operating profit</b>&nbsp;wasUS$75 million, compared with a non-GAAP operating profit ofUS$37 millionfor the second quarter of 2020 andUS$101 millionfor the first quarter of 2021.</p><p><blockquote><b>非 GAAP 营业利润</b>为 7500 万美元，而 2020 年第二季度非 GAAP 营业利润为 3700 万美元，2021 年第一季度为 1.01 亿美元。</blockquote></p><p> <b>Business Outlook</b></p><p><blockquote><b>业务展望</b></blockquote></p><p> For the third quarter of 2021, Sohu estimates:</p><p><blockquote>对于2021年第三季度，搜狐预计：</blockquote></p><p> <ul>  <li>Brand advertising revenues to be between US$35&nbsp;million andUS$39 million; this implies an annual decrease of 5% to 15% and a sequential&nbsp;decrease of 5% to a sequential&nbsp;increase 6%.</li>  <li>Online game revenues to be betweenUS$145 millionandUS$155 million; this implies an annual increase of 43% to 53% and a sequential decrease of 4% to a sequential&nbsp;increase 2%.</li>  <li>Non-GAAP net income from continuing operations attributable toSohu.com Limitedto be between nil andUS$10 million; and GAAP net income/(loss) from continuing operations attributable toSohu.com Limitedto be between a net loss ofUS$4 millionand a net income ofUS$6 million.</li> </ul> For the third&nbsp;quarter 2021 guidance, the Company has adopted a presumed exchange rate ofRMB6.47=US$1.00, as compared with the actual exchange rate of approximatelyRMB6.92=US$1.00for the third&nbsp;quarter of 2020, andRMB6.46=US$1.00&nbsp;for the second&nbsp;quarter of 2021.</p><p><blockquote><ul><li>品牌广告收入将在3500万美元至3900万美元之间；这意味着每年减少5%至15%，连续减少5%至连续增加6%。</li><li>网络游戏收入将在1.45亿美元至1.55亿美元之间；这意味着每年增长43%至53%，连续下降4%至连续增长2%。</li><li>Sohu.com Limited 应占的非 GAAP 持续经营业务净利润在零至 1000 万美元之间；Sohu.com Limited 应占的 GAAP 持续经营业务净利润/（亏损）介于净亏损 400 万美元至净利润 600 万美元之间。</li></ul>就2021年第三季度指引而言，本公司采用人民币6.47元=1.00美元的假设汇率，而2020年第三季度的实际汇率约为人民币6.92元=1.00美元，2021年第二季度的实际汇率约为人民币6.46元=1.00美元。</blockquote></p><p> This forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty, particularly in view of the potential ongoing impact of the worldwide COVID-19 pandemic, which remains difficult to predict.<img src=\"https://static.tigerbbs.com/4782b452132d214df35cd21432e44916\" tg-width=\"682\" tg-height=\"844\" referrerpolicy=\"no-referrer\"></p><p><blockquote>该预测反映了搜狐管理层的当前和初步观点，该观点存在重大不确定性，特别是考虑到全球范围内的 COVID-19 大流行的潜在持续影响，这仍然难以预测。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investors.sohu.com/news-releases/news-release-details/sohucom-reports-second-quarter-2021-unaudited-financial-results\">搜狐</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOHU":"搜狐"},"source_url":"https://investors.sohu.com/news-releases/news-release-details/sohucom-reports-second-quarter-2021-unaudited-financial-results","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164323845","content_text":"BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video, gaming and search business group, today reported unaudited financial results for the second quarter endedJune 30, 2021.\nIn view of the previously-announced Share Purchase Agreement between subsidiaries of Tencent Holdings Limited (\"Tencent\") and the Company and its wholly-owned subsidiarySohu.com (Search) Limited(\"Sohu Search\") with respect to Sohu Search's Sogou Inc.(\"Sogou\") shares (the \"Sogou Share Purchase\"), the results of operations for Sogou have been excluded from the Company's results from continuing operations in the Company's condensed consolidated statements of operations and are presented in separate line items as discontinued operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, results presented in this release are related to continuing operations only[1].\nSecond Quarter Highlights\n\nTotal revenues wereUS$204 million[2], up 28% year-over-year and down 8% quarter-over-quarter.\nBrand advertising revenues wereUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter.\nOnline game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter.\nGAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, compared with net income ofUS$11 million[3]in the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.\nNon-GAAP[4]net income from continuing operations attributable toSohu.com LimitedwasUS$25 million, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.\n\nDr.Charles Zhang, Chairman and CEO ofSohu.com Limited, commented, \"For the second quarter of 2021, despite the negative impact of COVID-19, we kept exploring new monetization opportunities while strictly controlling the budget. Thanks to the outperformance of our online game business, our profitability exceeded the prior guidance. For Sohu Media, we focused on innovating our products and technology, and effectively promoting the generation and distribution of high-quality content. For Sohu Video, we continued to execute our \"Twin engine\" strategy of developing high quality long-form and short-form content, while at the same time refining our advanced live broadcasting technologies and rolling them out to various applications. We were also able to diversify our revenue sources and better capture advertising budgets by integrating our live broadcasting technologies into our unique events. For Changyou, online games performed well during the quarter, and its revenue exceeded the high end of our prior guidance.\"\n\n\n\n[1] The parties currently expect the completion of the transaction will be during the second half of 2021, subject to the satisfaction or waiver of all the conditions to the transaction.\n\n\n[2] On a constant currency (non-GAAP) basis, if the exchange rate in the second quarter of 2021 had been the same as it was in the second quarter of 2020, orRMB7.08=US$1.00, US$ total revenues in the second quarter of 2021 would have beenUS$186 million, orUS$18 millionless than GAAP total revenues, and up 17% year-over-year.\n\n\n[3] Both the GAAP and non-GAAP net income from continuing operations attributable toSohu.com Limitedfor the second quarter of 2020 mentioned in this release excluded the impact of an additional accrual of withholding income tax ofUS$88 millionrecognized by Changyou in that quarter following completion of the Changyou privatization, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends.\n\n\n[4] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the one-time transition tax (the \"Toll Charge\") imposed by theU.S.Tax Cuts and Jobs Act signed into law onDecember 22, 2017(the \"U.S.TCJA\"). 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.\"\n\n\n\nSecond Quarter Financial Results\nRevenues\nTotal revenues wereUS$204 million, up 28% year-over-year and down 8% quarter-over-quarter.\nBrand advertising revenues totaledUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter. The quarter-over-quarter increase was mainly attributable to a seasonality increase and our continuing efforts to boost our revenues in portal and video advertising.\nOnline game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC.\nGross Margin\nBoth GAAP and non-GAAP gross margin was 76%, compared with 67% in the second quarter of 2020 and 79% in the first quarter of 2021.\nGAAP gross margin for the brand advertising business was 27%, compared with 40% in the second quarter of 2020 and 20% in the first quarter of 2021. Non-GAAP gross margin for the brand advertising business was 28%, compared with 40% in the second quarter of 2020 and 20% in the first quarter of 2021.The year-over-year decrease was mainly due to increases in costs of events hosted in the second quarter of 2021, which have been resumed to a large extent with the easing of COVID-19. The quarter-over-quarter increase was mainly due to increased revenues in the portal and video advertising businesses.\nGAAP gross margin for online games was 89%, compared with 77% in the second quarter of 2020 and 89% in the first quarter of 2021. Non-GAAP gross margin for online games was 89%, compared with 78% in the second quarter of 2020 and 90% in the first quarter of 2021. The year-over-year increase in gross margin was mainly due to a higher percentage revenue contribution from PC games, which typically require lower revenue-sharing payments.\nOperating Expenses\nFor the second quarter of 2021, GAAP operating expenses totaledUS$130 million, up 23% year-over-year and 5% quarter-over-quarter. Non-GAAP operating expenses wereUS$127 million, up 25% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to increases in marketing expenses and salary and benefits expenses.\nOperating Profit\nGAAP operating profit wasUS$25 million, compared with an operating profit of US$1 million in the second quarter of 2020 and an operating profit ofUS$51 millionin the first quarter of 2021.\nNon-GAAP operating profit was US$28 million, compared with an operating profit of US$5 million in the second quarter of 2020 and an operating profit ofUS$53million in the first quarter of 2021.\nIncome Tax Expense\nGAAP income tax expense wasUS$11 million, compared with income tax expense ofUS$86 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. Non-GAAP income tax expense wasUS$9 million, compared with income tax expense ofUS$83 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. The income tax expense in the second quarter of 2021 included a one-time tax benefit ofUS$9 millionrecognized by Changyou after final settlement of its income tax due for 2020. For the second quarter of 2020, Changyou recognized an additional accrual of withholding income tax ofUS$88 million, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends after the completion of the privatization of Changyou.\nNet Income\nGAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, or net income ofUS$0.55 per fully-diluted ADS, compared with net income ofUS$11 millionin the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.\nNon-GAAP net income from continuing operations attributable toSohu.com Limitedwas US$25 million, or net income ofUS$0.63 per fully-diluted ADS, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.\nLiquidity\nAs ofJune 30, 2021, cash and cash equivalents and short-term investments wereUS$349 million.\nSupplementary Information for Changyou Results\nSecond Quarter 2021 Operating Results\n\nFor PC games, total average monthly active user accounts[5](MAU) were 2.1 million, an increase of 9% year-over-year and a decrease of 8% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020, partially offset by termination of the operation of Warframe. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC. Total quarterly aggregate active paying accounts[6](APA) were 0.9 million, a decrease of 3% year-over-year and 4% quarter-over-quarter.\nFor mobile games, total average MAU were 1.9 million, a decrease of 39% year-over-year and 7% quarter-over-quarter. The year-over-year decrease was mainly from Legacy TLBB Mobile and TLBB Honor. The quarter-over-quarter decrease was mainly due to TLBB Honor. Total quarterly APA were 0.5 million, a decrease of 21% year-over-year and an increase of 5% quarter-over-quarter. The year-over-year and quarter-over-quarter changes were mainly due to TLBB Honor.\n\n\n\n\n[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.\n\n\n[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.\n\n\n\nSecond Quarter 2021 Unaudited Financial Results\nTotal revenues wereUS$154 million, an increase of 41% year-over-year and a decrease of 14% quarter-over-quarter. Online game revenues wereUS$151 million, an increase of 43% year-over-year and a decrease of 14% quarter-over-quarter. Online advertising revenues wereUS$3 million, a decrease of 19% year-over-year and 11% quarter-over-quarter.\nGAAP and non-GAAP gross profitwere bothUS$136 million, an increase of 61% year-over-year and a decrease of 15% quarter-over-quarter.\nGAAP operating expenses wereUS$63 million, an increase of 24% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to an increase in bonus expenses related to revenue growth, as well as an increase in marketing and promotional spending for online games.\nNon-GAAP operating expenses wereUS$61 million, an increase of 28% year-over-year and 4% quarter-over-quarter.\nGAAP operating profit wasUS$73 million, compared with an operating profit ofUS$33 millionfor the second quarter of 2020 andUS$99 millionfor the first quarter of 2021.\nNon-GAAP operating profit wasUS$75 million, compared with a non-GAAP operating profit ofUS$37 millionfor the second quarter of 2020 andUS$101 millionfor the first quarter of 2021.\nBusiness Outlook\nFor the third quarter of 2021, Sohu estimates:\n\nBrand advertising revenues to be between US$35 million andUS$39 million; this implies an annual decrease of 5% to 15% and a sequential decrease of 5% to a sequential increase 6%.\nOnline game revenues to be betweenUS$145 millionandUS$155 million; this implies an annual increase of 43% to 53% and a sequential decrease of 4% to a sequential increase 2%.\nNon-GAAP net income from continuing operations attributable toSohu.com Limitedto be between nil andUS$10 million; and GAAP net income/(loss) from continuing operations attributable toSohu.com Limitedto be between a net loss ofUS$4 millionand a net income ofUS$6 million.\n\nFor the third quarter 2021 guidance, the Company has adopted a presumed exchange rate ofRMB6.47=US$1.00, as compared with the actual exchange rate of approximatelyRMB6.92=US$1.00for the third quarter of 2020, andRMB6.46=US$1.00 for the second quarter of 2021.\nThis forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty, particularly in view of the potential ongoing impact of the worldwide COVID-19 pandemic, which remains difficult to predict.","news_type":1,"symbols_score_info":{"SOHU":0.9}},"isVote":1,"tweetType":1,"viewCount":2280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883057685,"gmtCreate":1631192659347,"gmtModify":1631889131314,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Do like, thank u","listText":"Do like, thank u","text":"Do like, thank u","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/883057685","repostId":"1146701240","repostType":4,"isVote":1,"tweetType":1,"viewCount":3814,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834598126,"gmtCreate":1629812198765,"gmtModify":1631889131340,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/834598126","repostId":"1191515373","repostType":4,"isVote":1,"tweetType":1,"viewCount":4353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898636990,"gmtCreate":1628491223210,"gmtModify":1631889131370,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898636990","repostId":"2158414718","repostType":4,"isVote":1,"tweetType":1,"viewCount":4024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170835994,"gmtCreate":1626418482218,"gmtModify":1631892516830,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Like and comment. Thanks.&nbsp;","listText":"Like and comment. Thanks.&nbsp;","text":"Like and comment. Thanks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170835994","repostId":"1189921948","repostType":4,"isVote":1,"tweetType":1,"viewCount":602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175363714,"gmtCreate":1627007586238,"gmtModify":1631889131407,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"title":"","htmlText":"Why.&nbsp;","listText":"Why.&nbsp;","text":"Why.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175363714","repostId":"1129225522","repostType":4,"repost":{"id":"1129225522","kind":"news","pubTimestamp":1627005370,"share":"https://www.laohunote.com/m/news/1129225522?lang=zh_CN&edition=full","pubTime":"2021-07-23 09:56","market":"us","language":"en","title":"GM is shutting down most of its pickup production for a week<blockquote>通用汽车将关闭大部分皮卡生产一周</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129225522","media":"CNN Business","summary":"New York (CNN Business)-General Motors will stop making most of its full-size pickup trucks for a we","content":"<p><div> New York (CNN Business)-General Motors will stop making most of its full-size pickup trucks for a week starting Monday. It's another sign that the auto industry continues to struggle with the year-...</p><p><blockquote><div>纽约（CNN Business）-通用汽车公司将从周一开始停止生产大部分全尺寸皮卡车一周。这是汽车行业今年继续苦苦挣扎的另一个迹象——……</div></blockquote></p><p>  <a href=\"https://edition.cnn.com/2021/07/22/business/gm-pickup-truck-halt-chip-shortage/index.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://edition.cnn.com/2021/07/22/business/gm-pickup-truck-halt-chip-shortage/index.html\">网页连接</a></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GM is shutting down most of its pickup production for a week<blockquote>通用汽车将关闭大部分皮卡生产一周</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGM is shutting down most of its pickup production for a week<blockquote>通用汽车将关闭大部分皮卡生产一周</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-07-23 09:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> New York (CNN Business)-General Motors will stop making most of its full-size pickup trucks for a week starting Monday. It's another sign that the auto industry continues to struggle with the year-...</p><p><blockquote><div>纽约（CNN Business）-通用汽车公司将从周一开始停止生产大部分全尺寸皮卡车一周。这是汽车行业今年继续苦苦挣扎的另一个迹象——……</div></blockquote></p><p>  <a href=\"https://edition.cnn.com/2021/07/22/business/gm-pickup-truck-halt-chip-shortage/index.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://edition.cnn.com/2021/07/22/business/gm-pickup-truck-halt-chip-shortage/index.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/07/22/business/gm-pickup-truck-halt-chip-shortage/index.html\">CNN Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车"},"source_url":"https://edition.cnn.com/2021/07/22/business/gm-pickup-truck-halt-chip-shortage/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129225522","content_text":"New York (CNN Business)-General Motors will stop making most of its full-size pickup trucks for a week starting Monday. It's another sign that the auto industry continues to struggle with the year-long global computer chip shortage.\nLarge pickups and SUVs are automakers' best-selling and most profitable vehicles. GM and other automakers have tried tokeep making them,shifting their supply of available chips away from less popular vehicles.\nBut as the Delta variant takes hold across the globe, shutdowns and restrictions are coming back, throwing thesupply chain into more chaos.\n\"These most recent scheduling adjustments are being driven by temporary parts shortages caused by semiconductor supply constraints from international markets experiencing Covid-19-related restrictions,\" said GM. \"We expect it to be a near-term issue.\"\nGeneral Motors said it will halt production for a week starting on July 26 at its Fort Wayne, Indiana, assembly plant that builds the Chevrolet Silverado 1500 and GMC Sierra 1500 models.\nIt will also reduce the Flint, Michigan, assembly plant to one shift rather than its normal three shifts during that same week. It will also halt production at its Silao Assembly plant in Mexico. Flint builds the heavy-duty versions of the Silverado and Sierra pickups, while Silao builds the Silverado 1500 Cheyenne for the Mexican market as well as the Sierra 1500.\nThe Covid-19 suppy chain issues are not limited to GM or to computer chips. Reuters reported that Toyota had to shut three plants in Thailand as well as a plant in Japan because of supply chain issues caused by the pandemic. Honda also will shut production at its main plant in Japan, Reuters reported.\nAutomakers' chip shortages started a year ago. Car sales fell sharplyduring the pandemic and automakers cut back their orders for chips and other parts. They didn't expect demand to return quickly. But sales rebounded faster than expected, leaving car companies without the chips they needed.\nAutomakers will be forced to cut production by 3.9 million vehicles worldwide in 2021, costing them $110 billion in lost revenue this year, according to a chip shortage analysis by consultant AlixPartners.\nThe tight supplies of new vehicles helped to drive up theprice of both new and used carsto record levels in the past few months. But that has been a bigger boon forauto dealers, who are independently owned, than the automakers themselves.","news_type":1,"symbols_score_info":{"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":3980,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}