Sohu Posts $133M Q3 2026 Revenue, $15M Net Loss

The split between Sohu's segments is the real story: gaming still carries the revenue base but is contracting sharply, while marketing services grows off a much smaller number and cannot offset the decline. The buyback is the more telling signal — with roughly $134 million of a $150 million program already deployed, capital return has largely run its course, leaving little cushion to support the shares once it concludes. Whether gaming stabilizes, and whether the buyback is replenished, are the open questions.