Qihoo 360’s profit up 30%
Print Edition
QIHOO 360’s net profit jumped an annual 30 percent in the third quarter after China’s top online security firm expanded in search and mobile services, the New York-listed firm said yesterday.
Its net profit was US$57.7 million, up 30 percent year on year, on revenue of US$376.4 million, double from a year earlier.
“Qihoo 360’s expansion on mobile and search has consolidated our advantage in security and brought us new business opportunities,” Zhou Hongyi, the company’s chairman and chief executive, said in a statement.
Morgan Stanley, which rated Qihoo 360 “overweight,” said in a note yesterday that the “revenue growth came from solid search and mobile monetization.”
Qihoo 360 predicted revenue at between US$410 and US$415 million in the fourth quarter, marking an annual growth of 85-87 percent.
Its smartphone users of mobile security products hit a record high of 673 million at the end of the third quarter, up 65 percent from a year ago.
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