SOGO - These Resilient Chinese Tech Stocks Are Defying the Coronavirus Crisis
Many tech stocks recently plunged amid concerns about the novel coronavirus outbreak and plunging oil prices. Yet two Chinese tech companies survived the sell-off by posting solid fourth-quarter numbers.
Sohu (NASDAQ: SOHU), one of China's oldest internet companies, grew its revenue 5% annually to $490 million in the fourth quarter and beat estimates by $23.8 million. It generated a non-GAAP net income of $7 million, compared to a loss of $51 million a year earlier. Its earnings of $0.17 per ADS topped expectations by $0.57.
Changyou (NASDAQ: CYOU), the video game company which Sohu will merge with in the second quarter, dazzled investors as its revenue rose 35% annually to $135 million and beat estimates by $28.3 million. Its non-GAAP net income surged 174% to $63 million, or $1.11 per share -- which also crushed expectations by $0.53 a share.