Sogou stock was falling on Monday after releasing a mixed earnings report for the third quarter of 2018.
Sogou’s (NYSE:SOGO) earnings report for the third quarter of the year starts with earnings per share of 7 cents. This is down from the company’s earnings per share of 9 cents from the same time last year. However, it did still come in above Wall Street’s earnings per share estimate of one penny for the quarter, but couldn’t keep Sogou stock up today.
During the third quarter of 2018, Sogou reported net income of $23.92 million. This is a drop from the company’s net income of $30.97 million that was reported in the third quarter of 2017.
Operating loss reported by Sogou for the third quarter of the year came in at $6.79 million. The Chinese internet search engine company reported operating income of $35.69 million in the same period of the year prior.
Sogou also reported revenue of $276.57 million for the third quarter of 2018. This is an increase over the company’s revenue of $257.35 million reported in the third quarter of the previous year. Despite this increase, it wasn’t able to match analysts’ revenue estimate of $280.57 million, which made it bad news for Sogou stock.
Sogou’s most recent earnings report also had the company providing its revenue outlook for the fourth quarter of 2018. The company is expecting revenue to range from $292 million to $307 million for the fourth quarter of the year. This is bad news for Sogou stock as Wall Street is looking for revenue of $343.89 million for the period.
SOGO stock was down 5% as of noon Monday and is down 47% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
