Revenues fell 8.3% overall, with brand advertising and online games sliding. Gross margin fell to 41% from a year-ago 53%.
Revenue breakout: Brand advertising, $81.4M (down 35.1%); Search and search-related advertising, $142M (up 6.1%); Online games, $85.3M (down 16.8%); Others, $65.3M (up 41.7%).
For Q2, it's forecasting revenues of $390M-$420M (below consensus for $437.2M); that's brand advertising of $85M-$95M (Y/Y decrease of 16-25%), Sogou (search) revenues of $190M-$200M (Y/Y increase of 8-14%) and online game revenues of $75M-$85M (Y/Y drop of 14-24%).
It's guiding to a non-GAAP loss per share of $1.80 to $2.05, vs. a consensus for a loss of $1.32/share.
Now read: Did Facebook Just Validate Twitter? »