Technology
SOHU.COM REPORTS FOURTH QUARTER AND FISCAL YEAR 2023 UNAUDITED FINANCIAL RESULTS
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7 months agoon
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BEIJING, March 4, 2024 /PRNewswire/ — Sohu.com Limited (NASDAQ: SOHU) (“Sohu” or the “Company”), a leading Chinese online media, video, and game business group, today reported unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023.
Fourth Quarter Highlights[1]
Total revenues were US$141 million, down 12% year-over-year and 3% quarter-over-quarter.Brand advertising revenues were US$20 million, down 30% year-over-year and 9% quarter-over-quarter.Online game revenues were US$115 million, down 5% year-over-year and 2% quarter-over-quarter.GAAP net loss attributable to Sohu.com Limited was US$13 million, compared with a net loss of US$7 million in the fourth quarter of 2022 and a net loss of US$14 million in the third quarter of 2023.Non-GAAP[2] net loss attributable to Sohu.com Limited was US$11 million, compared with a net loss of US$2 million in the fourth quarter of 2022 and a net loss of US$10 million in the third quarter of 2023.
Fiscal Year 2023 Highlights
Total revenues were US$601 million, down 18% compared with 2022. Brand advertising revenues were US$89 million, down 14% compared with 2022. Online game revenues were US$480 million, down 18% compared with 2022.GAAP net loss attributable to Sohu.com Limited was US$66 million, compared with a net loss of US$17 million in 2022.Non-GAAP net loss attributable to Sohu.com Limited was US$51 million, compared with net income of US$2 million in 2022.
Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, “In the fourth quarter and full year of 2023, we continued to optimize operating efficiency with strict budget control, despite the external economic environment and cautious budgeting by advertisers. Thanks to these efforts, our bottom-line performance hit the high end of our guidance for the fourth quarter of 2023. At Sohu Media Portal, we further refined our products, upgraded technology and expanded premium content offerings, resulting in an enhanced user experience. At Sohu Video, we continued to execute our ‘Twin Engine’ strategy by developing engaging long and short-form content. In addition to the social distribution of short-form content, we also worked hard on science-based live broadcasting and other live broadcasting events, which further boosted user interactions and engagement on our platforms. We also proactively explored diversified monetization opportunities by integrating our advantageous resources and hosting various content marketing campaigns with our unique IPs. Lastly, our online game business remained stable, delivering revenues in line with our expectations.”
[1] The bankruptcy proceedings of Changyou’s wholly-owned subsidiary Shanghai Jingmao Culture Communication Co., Ltd. (“Shanghai Jingmao”), which operated Changyou’s cinema advertising business, were concluded by a Chinese mainland bankruptcy court in the third quarter of 2023. The Company recognized a US$35 million disposal gain within discontinued operations in the condensed consolidated statements of operations for the third quarter of 2023. Unless indicated otherwise, results presented in this press release are related to continuing operations only, and exclude the disposal gain mentioned above.
[2] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; the impact of income tax related to changes in the fair value of the Company’s investments; and interest expense recognized in connection with the one-time transition tax (the “Toll Charge”) imposed by the U.S. Tax Cuts and Jobs Act signed into law on December 22, 2017 (the “U.S. TCJA”). Explanation of the Company’s non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying “Non-GAAP Disclosure” and “Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.”
Fourth Quarter Financial Results
Revenues
Total revenues were US$141 million, down 12% year-over-year and 3% quarter-over-quarter.
Brand advertising revenues were US$20 million, down 30% year-over-year and 9% quarter-over-quarter.
Online game revenues were US$115 million, down 5% year-over-year and 2% quarter-over-quarter.
Gross Margin
Both GAAP and non-GAAP gross margin were 76%, compared with 78% in the fourth quarter of 2022 and 76% in the third quarter of 2023.
Both GAAP and non-GAAP gross margin for the brand advertising business were 16%, compared with 51% in the fourth quarter of 2022 and 15% in the third quarter of 2023. The year-over-year margin decrease was mainly due to a waiver of unpaid long-term accounts payable of approximately US$10 million recognized in the fourth quarter of 2022.
Both GAAP and non-GAAP gross margin for online games were 87%, compared with 84% in the fourth quarter of 2022 and 87% in the third quarter of 2023.
Operating Expenses
GAAP operating expenses were US$133 million, up 2% year-over-year and 1% quarter-over-quarter. Non-GAAP operating expenses were US$134 million, up 3% year-over-year and 2% quarter-over-quarter.
Operating Loss
GAAP operating loss was US$25 million, compared with an operating loss of US$6 million in the fourth quarter of 2022 and an operating loss of US$21 million in the third quarter of 2023.
Non-GAAP operating loss was US$26 million, compared with an operating loss of US$5 million in the fourth quarter of 2022 and an operating loss of US$20 million in the third quarter of 2023.
Income Tax Expense
GAAP income tax expense was US$14 million, compared with income tax expense of US$7 million in the fourth quarter of 2022 and income tax expense of US$15 million in the third quarter of 2023. Non-GAAP income tax expense was US$10 million, compared with income tax expense of US$5 million in the fourth quarter of 2022 and income tax expense of US$12 million in the third quarter of 2023. The year-over-year income tax expense increase was mainly due to a one-time tax benefit recognized by Changyou in the fourth quarter of 2022 as result of certain of its subsidiaries having been entitled to preferential tax rates upon being granted Software Enterprise status for 2021.
Net Loss
GAAP net loss attributable to Sohu.com Limited was US$13 million, or a net loss of US$0.37 per fully-diluted American depositary share (“ADS,” each ADS representing one Sohu ordinary share), compared with a net loss of US$7 million in the fourth quarter of 2022 and a net loss of US$14 million in the third quarter of 2023.
Non-GAAP net loss attributable to Sohu.com Limited was US$11 million, or a net loss of US$0.32 per fully-diluted ADS, compared with a net loss of US$2 million in the fourth quarter of 2022 and a net loss of US$10 million in the third quarter of 2023.
Liquidity and Capital Resources
As of December 31, 2023, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1.3 billion.
Fiscal Year 2023 Financial Results
Revenues
Total revenues were US$601 million, down 18% compared with 2022.
Brand advertising revenues were US$89 million, down 14% compared with 2022.
Online game revenues were US$480 million, down 18% compared with 2022.
Gross Margin
Both GAAP and non-GAAP gross margin was 76%, compared with 74% in 2022.
Both GAAP and non-GAAP gross margin for the brand advertising business was 20%, compared with 16% in 2022.
Both GAAP and non-GAAP gross margin for online games was 86%, compared with 84% in 2022.
Operating Expenses
For 2023, GAAP operating expenses totaled US$542 million, flat compared with 2022. Non-GAAP operating expenses were US$542 million, up 1% compared with 2022.
Operating Profit/(Loss)
GAAP operating loss was US$87 million, compared with an operating loss of US$1 million in 2022.
Non-GAAP operating loss was US$87 million, compared with an operating profit of US$4 million in 2022.
Income Tax Expense
GAAP income tax expense was US$60 million, compared with income tax expense of US$58 million in 2022. Non-GAAP income tax expense was US$48 million, compared with income tax expense of US$53 million in 2022.
Net Income/(Loss)
GAAP net loss attributable to Sohu.com Limited was US$66 million, or a net loss of US$1.93 per fully-diluted ADS, compared with a net loss of US$17 million in 2022.
Non-GAAP net loss attributable to Sohu.com Limited was US$51 million, or a net loss of US$1.51 per fully-diluted ADS, compared with net income of US$2 million in 2022.
Supplementary Information for Changyou Results[3]
Fourth Quarter 2023 Operating Results
For PC games, total average monthly active user accounts[4] (MAU) were 2.3 million, an increase of 2% year-over-year and 4% quarter-over-quarter. Total quarterly aggregate active paying accounts[5] (APA) were 0.9 million, a decrease of 4% year-over-year and 9% quarter-over-quarter. The quarter-over-quarter decrease in APA was mainly a result of fewer in-game promotional activities having been launched for TLBB PC during the quarter.
For mobile games, total average MAU were 1.7 million, a decrease of 4% year-over-year and 26% quarter-over-quarter. Total quarterly APA were 0.3 million, a decrease of 14% year-over-year and 25% quarter-over-quarter. The year-over-year decreases in MAU and APA were mainly due to the natural decline of our older games, partially offset by the launch of New TLBB Mobile during the third quarter of 2023. The quarter-over-quarter decreases in MAU and APA were mainly due to the natural decline of New TLBB Mobile.
Fourth Quarter 2023 Unaudited Financial Results
Total revenues were US$116 million, a decrease of 6% year-over-year and 2% quarter-over-quarter. Online game revenues were US$115 million, a decrease of 5% year-over-year and 2% quarter-over-quarter. Online advertising revenues were US$1 million, a decrease of 18% year-over-year and an increase of 1% quarter-over-quarter.
GAAP and non-GAAP gross profit were both US$100 million, a decrease of 3% year-over-year and 2% quarter-over-quarter.
GAAP operating expenses were US$53 million, an increase of 5% year-over-year and 2% quarter-over-quarter. The year-over-year increase was mainly due to an increase in salary and benefits expenses.
Non-GAAP operating expenses were US$54 million, an increase of 8% year-over-year and 5% quarter-over-quarter.
GAAP operating profit was US$48 million, compared with an operating profit of US$53 million for the fourth quarter of 2022 and US$51 million for the third quarter of 2023.
Non-GAAP operating profit was US$47 million, compared with a non-GAAP operating profit of US$54 million for the fourth quarter of 2022 and US$52 million for the third quarter of 2023.
Fiscal Year 2023 Unaudited Financial Results
Total revenues were US$485 million, a decrease of 18% year-over-year. Online game revenues were US$480 million, a decrease of 18% year-over-year. Online advertising revenues were US$5 million, a decrease of 27% year-over-year.
GAAP and non-GAAP gross profit were both US$418 million, a decrease of 16% year-over-year.
GAAP operating expenses were US$216 million, a decrease of 3% year-over-year.
Non-GAAP operating expenses were US$215 million, a decrease of 1% year-over-year.
GAAP operating profit was US$202 million, compared with an operating profit of US$277 million for 2022.
Non-GAAP operating profit was US$203 million, compared with a non-GAAP operating profit of US$282 million for 2022.
[3] “Changyou Results” consist of the results of Changyou’s online game business and its 17173.com Website.
[4] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.
[5] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.
Recent Development
Sohu today announced that on March 2, 2024, its board of directors authorized an increase in Sohu’s previously-announced share repurchase from up to US$80 million to up to US$150 million of the outstanding ADSs of Sohu. As previously announced, the ADSs may be purchased from time to time over a two-year period commencing November 11, 2023 at Sohu’s management’s discretion at prevailing market prices in accordance with Rule 10b‑18 and Rule 10b5-1 under the Securities Exchange Act of 1934. Sohu’s management will continue to determine the timing and amount of any purchases of ADSs based on their evaluation of market conditions, the trading price of ADSs and other factors. The share repurchase program may be suspended or discontinued at any time. Sohu plans to continue to fund repurchases from its existing cash balance. As of February 29, 2024, Sohu had repurchased 1,276,457 ADSs under the share repurchase program for an aggregate cost of approximately US$12 million.
Business Outlook
For the first quarter of 2024, Sohu estimates:
Brand advertising revenues to be between US$15 million and US$17 million; this implies an annual decrease of 25% to 33%, and a sequential decrease of 16% to 26%.Online game revenues to be between US$110 million and US$120 million; this implies an annual decrease of 7% to 15%, and a sequential decrease of 4% to a sequential increase of 5%. Non-GAAP net loss attributable to Sohu.com Limited to be between US$23 million and US$33 million; and GAAP net loss attributable to Sohu.com Limited to be between US$26 million and US$36 million.
For the first quarter 2024 guidance, the Company has adopted a presumed exchange rate of RMB7.10=US$1.00, as compared with the actual exchange rate of approximately RMB6.84=US$1.00 for the first quarter of 2023, and RMB7.15=US$1.00 for the fourth quarter of 2023.
This forecast reflects Sohu’s management’s current and preliminary view, which is subject to substantial uncertainty.
Non-GAAP Disclosure
To supplement the unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), Sohu’s management uses non-GAAP measures of gross profit, operating profit, net income, net income attributable to Sohu.com Limited and diluted net income attributable to Sohu.com Limited per ADS, which are adjusted from results based on GAAP to exclude the impact of share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; the impact of income tax related to changes in the fair value of the Company’s investments; and interest expense recognized in connection with the Toll Charge imposed by the U.S. TCJA. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.
Sohu’s management believes excluding share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; the impact of income tax related to changes in the fair value of the Company’s investments; and interest expense recognized in connection with the Toll Charge from its non-GAAP financial measure is useful for itself and investors. Further, the impact of share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; the impact of income tax related to changes in the fair value of the Company’s investments; and interest expense recognized in connection with the Toll Charge cannot be anticipated by management and business line leaders and these expenses were not built into the annual budgets and quarterly forecasts that have been the basis for information Sohu provides to analysts and investors as guidance for future operating performance. As share-based compensation expense and changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments, and the impact of income tax related to changes in the fair value of the Company’s investments do not involve subsequent cash outflow or are reflected in the cash flows at the equity transaction level, Sohu does not factor in their impact when evaluating and approving expenditures or when determining the allocation of its resources to its business segments. As a result, in general, the monthly financial results for internal reporting and any performance measures for commissions and bonuses are based on non-GAAP financial measures that exclude share-based compensation expense, changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments, the impact of income tax related to changes in the fair value of the Company’s investments, and also excluded the interest expense recognized in connection with the Toll Charge.
The non-GAAP financial measures are provided to enhance investors’ overall understanding of Sohu’s current financial performance and prospects for the future. A limitation of using non-GAAP gross profit, operating profit, net income, net income attributable to Sohu.com Limited, and diluted net income attributable to Sohu.com Limited per ADS excluding share-based compensation expense and interest expense recognized in connection with the Toll Charge is that share-based compensation expense and interest expense recognized in connection with the Toll Charge have been and can be expected to continue to be significant recurring expenses in Sohu’s business. It is also possible that changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments, and the impact of income tax related to changes in the fair value of the Company’s investments will recur in the future. In order to mitigate these limitations Sohu has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between the GAAP financial measures that are most directly comparable to the non-GAAP financial measures that have been presented.
Notes to Financial Information
Financial information in this press release other than the information indicated as being non-GAAP is derived from Sohu’s unaudited financial statements prepared in accordance with GAAP.
Safe Harbor Statement
This announcement contains forward-looking statements. It is currently expected that the Business Outlook will not be updated until release of Sohu’s next quarterly earnings announcement; however, Sohu reserves right to update its Business Outlook at any time for any reason. Statements that are not historical facts, including statements about Sohu’s beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, instability in global financial and credit markets and its potential impact on the Chinese economy; exchange rate fluctuations, including their potential impact on the Chinese economy and on Sohu’s reported U.S. dollar results; fluctuations in Sohu’s quarterly operating results; the possibilities that Sohu will be unable to recoup its investment in video content and will be unable to develop a series of successful games for mobile platforms or successfully monetize mobile games it develops or acquires; Sohu’s reliance on online advertising sales and online games for its revenues; and the impact of the U.S. TCJA. Further information regarding these and other risks is included in Sohu’s annual report on Form 20-F for the year ended December 31, 2022, and other filings with and information furnished to the U.S. Securities and Exchange Commission.
Conference Call and Webcast
Sohu’s management team will host a conference call at 7:30 a.m. U.S. Eastern Time, March 4, 2024 (8:30 p.m. Beijing/Hong Kong time, March 4, 2024) following the quarterly results announcement. Participants can register for the conference call by clicking here, which will lead them to the conference registration website. Upon registration, participants will receive details for the conference call, including the dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.
The live Webcast and archive of the conference call will be available on the Investor Relations section of Sohu’s website at https://investors.sohu.com/
About Sohu
Sohu.com Limited (NASDAQ: SOHU) was established by Dr. Charles Zhang, one of China’s internet pioneers, in the 1990s. As a mainstream media platform, Sohu is indispensable to the daily life of millions of Chinese, providing a network of web properties and community based products which continually offer a broad array of choices regarding information, entertainment and communication to the vast number of Sohu users. Sohu has built one of the most comprehensive matrices of Chinese language web properties, consisting of the leading online media destinations Sohu News App, mobile news portal m.sohu.com, PC portal www.sohu.com; online video website tv.sohu.com; and the online games platform www.changyou.com/en/.
Sohu provides online brand advertising services as well as multiple news, information and content services on its matrix of websites and also on its mobile platforms. Sohu’s online game business, conducted by its subsidiary Changyou, develops and operates a diverse portfolio of PC and mobile games, such as the well-known Tian Long Ba Bu (“TLBB”) PC and Legacy TLBB Mobile.
For investor and media inquiries, please contact:
In China:
In the United States:
SOHU.COM LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended
Twelve Months Ended
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Revenues:
Brand advertising
$
20,195
$
22,087
$
28,778
$
88,689
$
103,233
Online games
114,759
117,049
121,381
479,697
585,424
Others
6,405
6,294
10,241
32,286
45,215
Total revenues
141,359
145,430
160,400
600,672
733,872
Cost of revenues:
Brand advertising (includes share-based compensation
expense of $0, $15, $8, $7, and $48, respectively)
16,966
18,745
14,020
71,103
86,642
Online games (includes share-based compensation expense
of $-44, $18, $18, $10, and $143, respectively)
15,123
15,039
18,888
65,029
91,001
Others
1,733
687
2,888
9,625
13,930
Total cost of revenues
33,822
34,471
35,796
145,757
191,573
Gross profit
107,537
110,959
124,604
454,915
542,299
Operating expenses:
Product development (includes share-based compensation
expense of $-572, $280, $217, $156, and $2,026, respectively)
69,553
67,749
67,147
279,842
260,772
Sales and marketing (includes share-based compensation
expense of $4, $39, $-21, $26, and $128, respectively)
50,813
53,040
47,067
213,449
225,480
General and administrative (includes share-based
compensation expense of $-393, $358, $332, $509, and $2,594,
respectively)
12,450
10,801
15,970
48,934
56,920
Total operating expenses
132,816
131,590
130,184
542,225
543,172
Operating loss
(25,279)
(20,631)
(5,580)
(87,310)
(873)
Other income, net
15,949
10,869
779
35,746
17,643
Interest income
11,578
11,519
6,190
45,222
17,311
Exchange difference
(823)
(478)
(1,071)
692
6,524
Income/(loss) before income tax expense
1,425
1,279
318
(5,650)
40,605
Income tax expense
14,044
15,340
7,413
60,420
57,946
Net loss from continuing operations
(12,619)
(14,061)
(7,095)
(66,070)
(17,341)
Net income from discontinued operations, net of tax [6]
–
35,426
–
35,426
–
Net income/(loss)
(12,619)
21,365
(7,095)
(30,644)
(17,341)
Less: Net income/(loss) from continuing operations
attributable to the noncontrolling interest shareholders
(1)
(2)
(1)
(265)
2
Net loss from continuing operations attributable to Sohu.com
Limited
(12,618)
(14,059)
(7,094)
(65,805)
(17,343)
Net income from discontinued operations attributable to
Sohu.com Limited
–
35,426
–
35,426
–
Net income/(loss) attributable to Sohu.com Limited
(12,618)
21,367
(7,094)
(30,379)
(17,343)
Basic net loss from continuing operations per share/ADS
attributable to Sohu.com Limited[7]
$
(0.37)
$
(0.41)
$
(0.21)
(1.93)
$
(0.50)
Basic net income from discontinued operations per share/ADS
attributable to Sohu.com Limited
$
–
$
1.04
$
–
1.04
$
–
Basic net income/(loss) per share/ADS attributable to
Sohu.com Limited
$
(0.37)
$
0.63
$
(0.21)
(0.89)
$
(0.50)
Shares/ADSs used in computing basic net income/(loss) per
share/ADS attributable to Sohu.com Limited
34,061
34,190
34,091
34,109
34,945
Diluted net loss from continuing operations per share/ADS
attributable to Sohu.com Limited
$
(0.37)
$
(0.41)
$
(0.21)
(1.93)
$
(0.50)
Diluted net income from discontinued operations per
share/ADS attributable to Sohu.com Limited
$
–
$
1.04
$
–
1.04
$
–
Diluted net income/(loss) per share/ADS attributable to
Sohu.com Limited
$
(0.37)
$
0.63
$
(0.21)
(0.89)
$
(0.50)
Shares/ADSs used in computing diluted net income/(loss) per
share/ADS attributable to Sohu.com Limited
34,061
34,190
34,091
34,109
34,945
[6] See Footnote 1.
[7] Each ADS represents one ordinary share.
SOHU.COM LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED, IN THOUSANDS)
As of Dec. 31, 2023
As of Dec. 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
362,504
$
697,821
Restricted cash
3,184
3,641
Short-term investments
597,770
473,624
Accounts receivable, net
71,618
67,541
Prepaid and other current assets
81,971
83,093
Total current assets
1,117,047
1,325,720
Fixed assets, net
269,058
288,226
Goodwill
47,163
47,415
Long-term investments, net
45,198
26,012
Intangible assets, net
2,226
5,394
Long-term time deposits
388,613
265,802
Other assets
12,793
19,207
Total assets
$
1,882,098
$
1,977,776
LIABILITIES
Current liabilities:
Accounts payable
$
44,609
$
56,449
Accrued liabilities
103,779
126,461
Receipts in advance and deferred revenue
50,829
48,080
Accrued salary and benefits
50,330
60,754
Taxes payables
11,363
10,612
Other short-term liabilities
81,482
114,532
Total current liabilities
$
342,392
$
416,888
Long-term other payables
3,924
1,795
Long-term tax liabilities
474,374
448,043
Other long-term liabilities
2,130
340
Total long-term liabilities
$
480,428
$
450,178
Total liabilities
$
822,820
$
867,066
SHAREHOLDERS’ EQUITY:
Sohu.com Limited shareholders’ equity
1,058,956
1,109,442
Noncontrolling interest
322
1,268
Total shareholders’ equity
$
1,059,278
$
1,110,710
Total liabilities and shareholders’ equity
$
1,882,098
$
1,977,776
SOHU.COM LIMITED
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended Dec. 31, 2023
Three Months Ended Sep. 30, 2023
Three Months Ended Dec. 31, 2022
GAAP
Non-GAAP
Adjustment
Non-GAAP
GAAP
Non-GAAP
Adjustment
Non-GAAP
GAAP
Non-GAAP
Adjustment
Non-GAAP
–
(a)
15
(a)
(8)
(a)
Brand advertising gross profit
$
3,229
$
–
$
3,229
$
3,342
$
15
$
3,357
$
14,758
$
(8)
$
14,750
Brand advertising gross margin
16 %
16 %
15 %
15 %
51 %
51 %
(44)
(a)
18
(a)
18
(a)
Online games gross profit
$
99,636
$
(44)
$
99,592
$
102,010
$
18
$
102,028
$
102,493
$
18
$
102,511
Online games gross margin
87 %
87 %
87 %
87 %
84 %
84 %
–
(a)
–
(a)
–
(a)
Others gross profit
$
4,672
$
–
$
4,672
$
5,607
$
–
$
5,607
$
7,353
$
–
$
7,353
Others gross margin
73 %
73 %
89 %
89 %
72 %
72 %
(44)
(a)
33
(a)
10
(a)
Gross profit
$
107,537
$
(44)
$
107,493
$
110,959
$
33
$
110,992
$
124,604
$
10
$
124,614
Gross margin
76 %
76 %
76 %
76 %
78 %
78 %
Operating expenses
$
132,816
$
961
(a) $
133,777
$
131,590
$
(677)
(a) $
130,913
$
130,184
$
(528)
(a) $
129,656
(1,005)
(a)
710
(a)
538
(a)
Operating loss
$
(25,279)
$
(1,005)
$
(26,284)
$
(20,631)
$
710
$
(19,921)
$
(5,580)
$
538
$
(5,042)
Operating margin
-18 %
-19 %
-14 %
-14 %
-3 %
-3 %
Income tax expense
$
14,044
$
(3,667)
(d)$
10,377
$
15,340
$
(3,149)
(d)$
12,191
$
7,413
$
(1,954)
(c,d)$
5,459
(1,005)
(a)
710
(a)
538
(a)
(827)
(b)
–
2,442
(b)
–
–
(610)
(c)
3,667
(d)
3,149
(d)
2,564
(d)
Net loss before non-controlling interest
$
(12,619)
$
1,835
$
(10,784)
$
(14,061)
3,859
(10,202)
$
(7,095)
$
4,934
$
(2,161)
(1,005)
(a)
710
(a)
538
(a)
(827)
(b)
–
2,442
(b)
–
–
(610)
(c)
3,667
(d)
3,149
(d)
2,564
(d)
Net loss from continuing operations
attributable to Sohu.com Limited for
diluted net loss per share/ADS
$
(12,618)
$
1,835
$
(10,783)
$
(14,059)
3,859
(10,200)
$
(7,094)
$
4,934
$
(2,160)
Net income from discontinued operations
attributable to Sohu.com Limited for
diluted net loss per share/ADS [8]
$
–
–
–
$
35,426
–
$
35,426
$
–
–
$
–
Net income/(loss) attributable to
Sohu.com Limited for diluted net
income/(loss) per share/ADS
$
(12,618)
1,835
(10,783)
$
21,367
3,859
25,226
$
(7,094)
$
4,934
$
(2,160)
Diluted net loss from continuing
operations per share/ADS attributable to
Sohu.com Limited
$
(0.37)
$
(0.32)
$
(0.41)
$
(0.30)
$
(0.21)
$
(0.06)
Diluted net income from discontinued
operations per share/ADS attributable to
Sohu.com Limited
$
–
–
$
1.04
$
1.04
$
–
$
–
Diluted net income/(loss) per share/ADS
attributable to Sohu.com Limited
$
(0.37)
(0.32)
$
0.63
$
0.74
$
(0.21)
$
(0.06)
Shares/ADSs used in computing diluted
net income/(loss) per share/ADS
attributable to Sohu.com Limited
34,061
34,061
34,190
34,190
34,091
34,091
Note:
(a) To eliminate the impact of share-based awards.
(b) To adjust for changes in the fair value of the Company’s investments.
(c) To adjust for the impact of income tax related to changes in the fair value of the Company’s investments.
(d) To adjust for the effect of the Toll Charge.
[8] See Footnote 1.
SOHU.COM LIMITED
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATION MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Twelve Months Ended Dec. 31, 2023
Twelve Months Ended Dec. 31, 2022
GAAP
Non-GAAP
Adjustments
Non-GAAP
GAAP
Non-GAAP
Adjustments
Non-GAAP
7
(a)
48
(a)
Brand advertising gross profit
$
17,586
$
7
$
17,593
$
16,591
$
48
$
16,639
Brand advertising gross margin
20 %
20 %
16 %
16 %
10
(a)
143
(a)
Online games gross profit
$
414,668
$
10
$
414,678
$
494,423
$
143
$
494,566
Online games gross margin
86 %
86 %
84 %
84 %
–
(a)
–
(a)
Others gross profit
$
22,661
$
–
$
22,661
$
31,285
$
–
$
31,285
Others gross margin
70 %
70 %
69 %
69 %
17
(a)
191
(a)
Gross profit
$
454,915
$
17
$
454,932
$
542,299
$
191
$
542,490
Gross margin
76 %
76 %
74 %
74 %
Operating expenses
$
542,225
$
(691)
(a)$
541,534
$
543,172
$
(4,748)
(a)$
538,424
708
(a)
4,939
(a)
Operating profit/(loss)
$
(87,310)
$
708
$
(86,602)
$
(873)
$
4,939
$
4,066
Operating margin
-15 %
-14 %
0 %
1 %
Income tax expense
$
60,420
$
(12,297)
(c,d)$
48,123
$
57,946
$
(5,118)
(c,d)$
52,828
708
(a)
4,939
(a)
1,391
(b)
9,659
(b)
(555)
(c)
(2,416)
(c)
12,852
(d)
7,534
(d)
Net income/(loss) before non-controlling
interest
$
(66,070)
14,396
(51,674)
$
(17,341)
$
19,716
$
2,375
708
(a)
4,939
(a)
1,391
(b)
9,659
(b)
(555)
(c)
(2,416)
(c)
12,852
(d)
7,534
(d)
Net income/(loss) from continuing operations
attributable to Sohu.com Limited for diluted net
income/(loss) per share/ADS
$
(65,805)
$
14,396
$
(51,409)
$
(17,343)
$
19,716
$
2,373
Net income from discontinued operations
attributable to Sohu.com Limited for diluted net
income per share/ADS [9]
$
35,426
–
35,426
$
–
$
–
$
–
Net income/(loss) attributable to Sohu.com
Limited for diluted net income/(loss) per
share/ADS
$
(30,379)
14,396
(15,983)
$
(17,343)
$
19,716
$
2,373
Diluted net income/(loss) from continuing
operations per share/ADS attributable to
Sohu.com Limited
$
(1.93)
$
(1.51)
$
(0.50)
$
0.07
Diluted net income from discontinued
operations per share/ADS attributable to
Sohu.com Limited
$
1.04
1.04
$
–
–
Diluted net income/(loss) per share/ADS
attributable to Sohu.com Limited
$
(0.89)
(0.47)
$
(0.50)
0.07
Share/ADS used in computing diluted net
income/(loss) per share/ADS attributable to
Sohu.com Limited
34,109
34,109
34,945
34,945
Note:
(a) To eliminate the impact of share-based awards.
(b) To adjust for changes in the fair value of the Company’s investments.
(c) To adjust for the impact of income tax related to changes in the fair value of the Company’s investments.
(d) To adjust for the effect of the U.S. TCJA.
[9] See Footnote 1.
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SOURCE Sohu.com Limited
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Augmented Reality Navigation Market worth $6.33 billion by 2029 – Exclusive Report by MarketsandMarkets™
Published
49 seconds agoon
September 20, 2024By
DELRAY BEACH, Fla., Sept. 20, 2024 /PRNewswire/ — The augmented reality (AR) navigation market is expected to reach USD 6.33 billion by 2029 from USD 1.17 billion in 2024, at a CAGR of 40.3% during the 2024-2029 period according to a new report by MarketsandMarkets™. Multiple companies like Volkswagen (Germany), Mercedes-Benz Group AG and many others are investing is augmented reality (AR) navigation which is increasing the opportunity for growth in the AR navigation market. The AR navigation market is continuously developing, with the presence of multiple players. Currently, the North America region is contributing significantly to the growth of the AR navigation market. Similarly, Asia Pacific, Europe and RoW regions are expected to be the growing market for the forecasted period.
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Browse in-depth TOC on “Augmented Reality Navigation Market”
184 – Tables
61 – Figures
195 – Pages
Augmented Reality Navigation Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.17 billion
Estimated Value by 2029
$ 6.33 billion
Growth Rate
Poised to grow at a CAGR of 40.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By offering, type, application, end-user industry, and region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Limited user acceptance and familiarity with AR navigation
Key Market Opportunities
Integration of 5G technology with AR navigation
Key Market Drivers
Integration of AR in automotive systems drives AR navigation market
AR navigation software to have the highest market share in offering segment of augmented reality (AR) navigation market in the forecast period from 2024 to 2029.
AR navigation software dominates the AR navigation market as it plays a vital role in providing a complete and interactive navigation experience. This category includes different types of software, such as AR mapping and localization software, which are essential for accurate positioning and spatial awareness. AR navigation apps use AR technology to give real-time directions and visual guidance, making navigation more user-friendly and engaging. Moreover, AR SDKs (software development kits) allow developers to create custom AR solutions, promoting innovation and growth in the market. AR Cloud solutions provide persistent and shared spatial data, which enhances the accuracy and usefulness of navigation services. Other software solutions, like AR HUD software and AR data visualization software, also support the industry by enhancing navigation capabilities.
Indoor navigation sub-segment of type segment in augmented reality (AR) navigation market is expected to grow at the highest growth rate during the forecast period.
Indoor navigation involves the use of technology and systems to help people find their way inside buildings like shopping centers, airports, corporate offices, educational institutes, museums, hospitals, and others. Augmented reality navigation technology use sensors, maps, and location-finding tools to give accurate directions and information inside buildings where regular GPS are unavailable.
As indoor spaces become more complex it is rising the demand for easy-to-use AR navigation. Businesses are investing in AR navigation systems to improve customer satisfaction, make operations smoother, and make it easier for people to get around in big, complex buildings. Also, the growing use of smartphones and augmented reality is helping to create more advanced indoor AR navigation systems that provide real-time, interactive guidance and useful information.
As companies realize the importance of offering smooth and easy-to-use navigation experiences for their customers and staff, the demand for indoor navigation technology rises rapidly.
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Augmented reality navigation market in North America has the largest market share in 2023.
Augmented reality navigation industry in North America is sub-segmented into the US, Canada and Mexico. The North America market is undergoing significant growth due to advancement in augmented reality technology, widespread use of HUD and HMD and rising demand of advanced navigation system that provide real-time directions, visual indicators, and interactive features with enhanced wayfinding experience for both outdoor and indoor environment. North America has strong presence of key players and startup companies within the region that promotes new innovation and technological development. US based companies such as Google LLC, Microsoft, Apple Inc. are continuously involved in developing and upgrading the existing technology.
Key Players
The key players in AR navigation companies are Google LLC (US), Apple Inc. (US), Microsoft (US), Neusoft Corporation (China), WayRay AG (Switzerland), FURUNO ELECTRIC CO., LTD. (Japan), ARway Corp. (Canada), Wiser Marine Technologies Ltd. (Canada), Mapbox (US), Treedis (Israel), ViewAR GmbH (Austria), Artisense GmbH (Kudan Germany GmbH.) (Germany), IndoorAtlas (Finland), Hyper (London), SITUM TECHNOLOGIES (Spain), Insider Navigation Inc (Austria), Wemap SAS (France), Resonai Inc. (Israel), Oriient New Media Ltd (Israel), Navigine (US), 22Miles (US), Sygic (Bratislava), Veo (Poland), HERE (Netherlands), and Esri (US).
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Technology
HandicapMD Expands Leading Telemedicine Services for Disabled Parking Permits in Florida
Published
51 seconds agoon
September 20, 2024By
HandicapMD’s virtual telemedicine platform connects patients with licensed doctors to obtain disabled parking placards quickly, safely, and affordably.
MIAMI, Sept. 20, 2024 /PRNewswire/ — HandicapMD, the nation’s leading telemedicine platform for disabled parking permits, has launched its services for residents across Florida, marking another milestone in its nationwide expansion. HandicapMD has already helped thousands of patients navigate the complex process of obtaining disabled parking placards through secure online disabled permit evaluations by licensed physicians.
HandicapMD, Floridians can now complete the evaluation process for a how to get a disabled parking permit in Florida from the convenience of their homes, with services starting at just $159.
“Many patients face barriers when trying to get their disabled parking placards, whether due to mobility issues, long wait times, or the paperwork involved,” says Dr. Eric Jackson-Scott, CEO and Founder of HandicapMD. “Our goal is to streamline this process for Florida residents by offering telemedicine consults with licensed doctors.”
Through HandicapMD’s telemedicine platform, patients in Florida can receive the following benefits of a disabled parking placard:
Access to designated disabled parking spaces near entrancesExtended time limits in restricted zonesExemption from parking meter feesAbility to park in residential permit zones
HandicapMD’s service is available from 8 a.m. to 10 p.m., seven days a week, with no appointment needed. If a patient does not qualify for a disabled parking permit, they won’t be charged for the evaluation.
“Our expansion into Florida is driven by the need to provide an easier, more accessible solution for individuals with disabilities,” says Dr. Jackson. “We’re excited to bring our telemedicine platform to Florida, helping residents gain the mobility they deserve without unnecessary delays or inconvenience.”
About HandicapMD: HandicapMD is the nation’s leading telemedicine platform for disabled parking permits, offering services in states across the U.S. The platform connects patients with fully licensed doctors for hassle-free online evaluations, helping them secure disabled parking placards from the comfort of their homes. HandicapMD is committed to improving accessibility for individuals with disabilities and providing exceptional care through its innovative telehealth platform.
For more information, visit handicap placard Florida online.
Contact:
Ena D.
help@handicapmd.com
(833) DMV-3825
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SOURCE HandicapMD
Technology
Autonomous Mobile Robots (AMR) Market to cross $10 Billion TAM with around 500K AMRs shipment by 2030 – LogisticsIQ
Published
52 seconds agoon
September 20, 2024By
NEW DELHI, Sept. 20, 2024 /PRNewswire/ — The global Autonomous Mobile Robots (AMRs) market is poised for significant growth, driven by increasing demand for automation across various sectors, including logistics, manufacturing, and healthcare. According to the latest market research by LogisticsIQ (5th Edition), Autonomous Mobile Robots (AMR) Market to cross $10 Billion TAM by 2030 with a CAGR of ~30% between 2024 and 2030. We expect the installed base of AMRs to reach 2 million units in 2030.
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Key Market Drivers
Increased Efficiency: Businesses are rapidly adopting AMRs to enhance operational efficiency, reduce labour costs, and streamline workflows.Labor Shortages: The ongoing labour shortages in various industries have accelerated the need for automated solutions, making AMRs a crucial investment for companies.Technological Advancements: Innovations in artificial intelligence (AI), machine learning, and sensor technology are making AMRs more capable and reliable.Growing E-Commerce: The rise of e-commerce has created a demand for efficient warehouse management solutions, further boosting the AMR market.
Regional Insights
North America leads the AMR market, accounting for the largest share due to the early adoption of automation technologies. Meanwhile, the Asia-Pacific region, especially China is expected to witness the fastest growth, fuelled by rapid industrialization and increasing investments in smart factories. US and China are going to contribute ~40% of this market by 2030.
Industry Applications
Autonomous mobile robots are being utilized in various applications, including:
Warehouse Automation: AMRs enhance inventory management and order fulfillment processes. This industry is expected to lead with more than 75% share by 2030.Manufacturing: Robots facilitate material handling and assembly line operations. Traditionally, it has been dominated by AGVs but are getting replaced by AMRs due to more flexibility and scalability features.Healthcare: AMRs assist in transporting medical supplies, improving patient care and operational efficiency. It is a niche market but high growing area to focus further.
Purchase the full report on the Autonomous Mobile Robots Market – Growth, Trends, and Forecast
Top Factors & Challenges in the Autonomous Mobile Robots Market
Top Factors Driving Growth
Increased Demand for Automation: Businesses across industries are increasingly seeking automation to enhance efficiency and reduce operational costs.Technological Advancements: Innovations in AI, machine learning, and sensor technologies improve the capabilities and reliability of AMRs, making them more attractive to businesses.Labor Shortages: Ongoing labour shortages, especially in sectors like logistics and manufacturing, are pushing companies to adopt AMRs to maintain productivity.Growth of E-Commerce: The surge in online shopping requires efficient warehouse and logistics solutions, driving the adoption of AMRs for inventory management and order fulfillment.Improved Safety Standards: AMRs can reduce workplace accidents by taking over hazardous tasks, leading to safer working environments.Customization and Scalability: Many AMR solutions offer customizable features that allow businesses to scale operations according to their specific needs.
Top Challenges
High Initial Costs: The upfront investment for AMRs can be substantial, which may deter smaller businesses from adoption.Integration with Existing Systems: Integrating AMRs into current operational workflows and legacy systems can be complex and resource-intensive.Regulatory Compliance: Navigating regulatory requirements and safety standards can pose challenges, especially in highly regulated industries.Limited Awareness and Understanding: Some businesses may lack knowledge about AMR technology and its potential benefits, hindering adoption.Technical Limitations: While technology is advancing, AMRs may still struggle with navigating complex environments or handling unexpected obstacles.Cybersecurity Concerns: As AMRs become more connected, they may be vulnerable to cybersecurity threats, requiring robust security measures.
Know more about Autonomous Mobile Robots Market – Top Players, Cost Analysis, Competition, and Customer Expectation
What will you get in this report?
500 Pages and 160+ Exhibits Market ReportRevenue and Shipment data segmented:By form factor (Deck-load, Tugger/Pull, Forklift)By Navigation (Tape/Wire/Magnet, Reflector, QR Codes, LiDAR, Camera, Sensor, Fusion)By Function (Goods to person (G2P), Person to Goods (P2G), Conveying, Piece picking, Towing, Pallet Handling)By Application (Manufacturing, Logistics and Warehousing, Shipping, Delivery, Cleaning, Security, Hospital, Retail)Detailed excel file with 150+ market tables (Revenue and Shipment) including forecast till 2030A bottom-up analysis of Autonomous Mobile Robots Market for 19 countries (United States, Canada, Germany, UK, France, Italy, Spain, Nordics, China, Japan, South Korea, Australia, India, Taiwan, Thailand, Malaysia, Singapore, Indonesia, Phillippines) in 5 regionsIn-depth analysis of 700 companies in the ecosystem with more than 160 company profiles.Focus Group Discussion with 100+ key industry stakeholders across the value chain to collect the first-hand information to validate our analysis. Stakeholders include components and technology providers, system integrators, robot manufacturers (OEM/ODM), robotic software & service providers, and end-user industry verticals. Apart this, study also focuses on different components and integral parts of Autonomous Mobile Robots like Motion Control, Batteries & Chargers, Cameras / Vision Sensor, LiDAR, Sensor Fusion, QR Code and Wireless Communication.2 Analyst Sessions to brainstorm furtherInvestment details excel file with 175+ M&A and ~1000 funding dealsLogisticsIQ™ Exclusive Market Map (700+ Players across more than 15 categories)
About LogisticsIQ
LogisticsIQ is a dedicated market research and advisory firm in Logistics & Supply Chain sector, empowering decision makers from top fortune 1000 companies, financial and research institutions, private equity and high potential start-ups with market insights to make better decisions. We enable this by analysing the right mix of the best data, the best research methodologies, and the best industry panel to deliver value to our clients.
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Augmented Reality Navigation Market worth $6.33 billion by 2029 – Exclusive Report by MarketsandMarkets™
HandicapMD Expands Leading Telemedicine Services for Disabled Parking Permits in Florida
Autonomous Mobile Robots (AMR) Market to cross $10 Billion TAM with around 500K AMRs shipment by 2030 – LogisticsIQ
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