Sohu projects 2Q revenue above analyst estimates; shares up

NEW YORK—Chinese Internet portal operator Sohu.com Inc. on Monday forecast second-quarter revenue well above analysts' expectations.

Shares rose $7.16, or 11.6 percent, to $69 in midday trading. Earlier, shares set a new year high of $70.74. The stock has traded in a 52-week range of $22.95 to $64.83.

For the quarter, Sohu expects revenue of $93 million to $96 million. Analysts polled by Thomson Financial anticipate revenue of $77.4 million.

Sohu also expects adjusted earnings of 72 cents to 75 cents per share, assuming a statutory income tax rate of 25 percent for its major operating entities in China.

Analysts expect earnings of 44 cents per share.