Sogou (NYSE:SOGO) stock was down on Monday following the release of its earnings report for the second quarter of 2018.
During the second quarter of the year, Sogou reported earnings per share of 9 cents. This is up from the company’s earnings per share of 6 cents from the same time last year. It also beat out Wall Street’s earnings per share estimate of 7 cents for the period, but wasn’t enough to save SOGO stock.
Sogou also notes that its net income reported in the second quarter of 2018 came in at $33.16 million. This is better than the net income of $16.50 million that was reported in the second quarter of 2017.
Sogou’s operating income for the second quarter of the year was $24.83 million. The Chinese tech company reported operating income of $25.45 million during the same period of the year prior.
Unfortunately for SOGO stock, the company’s revenue for the quarter only came in at $301.41 million. This is an increase over Sogou’s revenue of $210.94 million from the second quarter of the previous year. However, it was a blow to SOGO stock by coming in below analysts’ revenue estimate of $304.55 million for the quarter.
Sogou’s outlook for the third quarter of 2018 also isn’t doing SOGO stock any favors today. The company says that it is expecting revenue for the upcoming quarter to range from $275 million to $285 million. This will have it missing Wall Street’s revenue estimate of $337.37 million for the quarter.
SOGO stock was down 9% as of Monday afternoon and is down 13% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
