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Sohu.com soars on 1st-quarter earnings, 2nd-quarter outlook

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April 28, 2008

NEW YORK—U.S.-traded shares of Sohu.com Inc. rallied in midday trading Monday after the Chinese Internet portal operator reported a strong first quarter and forecast second-quarter revenue above analyst projections.

Shares rose $7.16, or 11.6 percent, to $69. 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.

Sohu.com said higher online game revenue fueled first-quarter profit.

"After delivering much stronger-than-expected fourth-quarter results, with their in-house developed online game 'Tian Long Ba Bu' delivering most of the upside, Sohu.com once again positively surprised this quarter, ahead of already raised expectations," Citi Investment Research analyst Jason Brueschke wrote in a client note. On Friday, he upgraded the company's stock to "Buy."

During the first quarter, online game revenue rose to $41 million, helped by "Tian Long Ba Bu," which recorded $38.9 million in sales.

Brueschke also said the company is benefiting as the exclusive online sponsor of the Olympics.

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