April 25 - Chinese internet portal Sohu.com Inc’s first quarter profit rose 34 percent, mainly helped by a rise in online game and online brand advertising revenue.
Separately, the company also said it will buy a majority stake in a web based gaming company Shenzhen 7Road Technology Co Ltd for $68.26 million.
Net income for the quarter was $55.2 million, or $1.01 a share, a 34 percent jump from last year.
Total revenue for Sohu.com, which competes with Sina Corp , NetEase.com and Tencent Holdings , rose 35 percent to $174.4 million.
The key online gaming segment, which makes up more than half of Sohu’s total revenue, rose 32 percent to $94.9 million, while online brand advertising revenue rose $57.2 million.
Analysts on average were expecting the company to earn 97 cents a share, on revenue of $168.8 million.
Shares of Sohu.com closed at $95.69 on Friday on Nasdaq. (Reporting by Aftab Ahmed in Bangalore; Editing by Dhara Ranasinghe)