Sohu.com Slammed on Guidance
Updated from 9:32 a.m. EST
Shares in
Sohu.com
(SOHU) - Get Report
plunged Tuesday after the company reported a surge in fourth-quarter profit, but offered disappointing guidance for the current quarter.
Shares were down $7.88, or 20.1%, at $30.03.
China's leading Internet company had net income of $11.6 million, or 28 cents a share, on revenue of $24.6 million, compared with $1.9 million, or 5 cents a share, on revenue of $10.6 million, a year ago in the period ended Dec. 31. Analysts' consensus estimate was 27 cents a share according to Thomson First Call.
The Beijing-based company said it expects first-quarter net income of $11.2 million to $11.9 million, or 27 cents to 29 cents a share, which is below the consensus forecast.
The fourth quarter was the company's 14th consecutive quarter of double-digit quarterly sequential revenue growth.