On a y-o-y basis Sohu.com Inc. (Sohu) reported healthy growth in 4Q 09 supported by the Online Game segment, which continued to record double digit growth, offsetting flattish performance from the Brand Advertising segment. We believe upcoming events such as the World Cup, Asian Games and World Expo provide new opportunities for Sohu, on account of stiff competition from other online service providers in China, Sohu’s stance to increase spend on marketing…

On a y-o-y basis Sohu.com Inc. (Sohu) reported a healthy set of 3Q 09 results with robust revenue growth in the Online Game segment, offsetting weakness in Brand advertising revenues. However revenues from Games segment were comparatively weaker than previous quarters, despite healthy signs of economic recovery. We believe the company may face difficulty in showing consistent growth from the games segment on account of increased competition in the Chinese market....

On a y-o-y basis Sohu.com Inc. (Sohu) reported a healthy set of 2Q 09 results with robust revenue growth in the Advertising and Online game segments, y-o-y as well as sequentially. Although the economic slowdown will impact levels of online advertising spend by small and medium enterprises, over the longer term, the significant scope to increase Internet penetration levels in China provides avenues for advertisers to target a wider audience....