BEIJING, May 27, 2014 /PRNewswire/ — Qihoo 360 Technology Co. Ltd. (“Qihoo 360″ or the “Company”) (NYSE: QIHU), a leading Internet company in China, today reported its unaudited financial results for the first quarter ended March 31, 2014.
First Quarter Financial Highlights[1]
Revenues were $265.1 million, a 141.3% increase from $109.9 million in the first quarter of 2013.
Net income attributable to Qihoo 360 was $49.1 million, compared to $5.6 million in the first quarter of 2013.
Non-GAAP net income attributable to Qihoo 360 [1] was $73.3 million, compared to $17.5 million in the first quarter of 2013.
Diluted earnings per ADS[2] (“EPADS”) attributable to Qihoo 360 was $0.37, compared to $0.04 in the same period last year.
Non-GAAP diluted EPADS attributable to Qihoo 360 [1] was $0.54, compared to $0.14 in the same period last year.
First Quarter Operating Metrics
Total monthly active users of Qihoo 360′s PC-based products and services reached a record 479 million in March 2014, compared to 457 million in March 2013[3].
User penetration of Qihoo 360′s PC-based products was 93.3% in March 2014, compared to 95.8% in March 2013[3].
Total smartphone users of Qihoo 360′s primary mobile security product [4] reached a record 538 million in March 2014, compared to 275 million in March 2013[5].
Monthly active users of Qihoo 360′s PC browsers were 339 million in March 2014, compared to 332 million in March 2013[3].
User penetration of Qihoo 360′s PC browsers was 66.1% in March 2014, compared to 69.6% in March 2013[3].
Average daily unique visitors to the 360 Personal Start-up Page and its sub-pages were 122 million in the first quarter of 2014, compared to 94 million in the first quarter of 2013[5].
Average daily clicks on Qihoo 360′s Personal Start-up Page and its sub-pages were approximately 772 million in the first quarter of 2014, compared to 489 million in the first quarter of 2013[5].
“We are pleased to report another quarter of strong growth and solid operational metrics,” said Mr. Hongyi Zhou, Chairman and Chief Executive Officer of Qihoo 360. “While we maintained our leadership position in key PC-related product categories, we continued to make significant progress in the ever more-important mobile Internet market. The number of Chinese smartphone users of our key mobile security product, 360 Mobile Safe, reached 538 million in the first quarter, making Qihoo 360 the indisputable leader in Internet security in China. In addition, our Android-based app store, 360 Mobile Assistant, has already registered over 400 million users, further reinforcing its industry-leading position. We intend to continue to allocate significant resources to the fast-growing mobile Internet market for the foreseeable future.”
“During the quarter, our share of Internet search traffic reached approximately 25% according to third-party data. Through continued product improvement and technological innovation, we believe we are in an excellent position to further grow our share of China’s search market in terms of both traffic and revenue. Since we began monetizing our search and mobile products at the beginning of 2013 we have made significant progress, and we are highly encouraged by the early results. As we continue to execute our business plan and strategy, we believe that search and mobile monetization represent a substantial long-term growth opportunity for our business,” concluded Mr. Zhou.
Article source