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Qihoo 360 Q2 2011 Profit Up 412% YoY

PR Newswire Asia, 8/18/11

Chinese online security software developer Qihoo 360 (NYSE: QIHU) today reported its unaudited financial results for the second quarter ended June 30, 2011. Revenues were USD 35.1 mln, representing an increase of 176.6% from USD 12.7 mln in the second quarter of 2010 and an increase of 53.1% from the first quarter of 2011. The significant year-over-year and sequential increases in revenues were mainly due to strong growth in online advertising and internet value-added services.

Net income attributable to Qihoo 360 was USD 11.1 mln, up 411.5% YoY compared with USD 2.2 mln in the second quarter of 2010 and a net loss attributable to Qihoo 360 of USD 21.4 mln in the prior quarter.

Online advertising revenues were USD 26.8 mln, up 215.7% from the same period last year and 63.0% from the prior quarter. The robust growth was primarily driven by further market penetration of Qihoo 360's key products, such as 360 Safe Browser and the 360 Personal Start-up Page, strong growth in user activity, as well as the relatively healthy market environment.

Internet value-added service revenues, which are mainly derived from browser games, were USD 8.1 mln, up 158.5% from the same period last year and 31.8% from the prior quarter. The growth was driven by a larger user base, as well as a continued increase in the number of browser games offered on Qihoo 360's platform.

According to Chinese market research firm iResearch, monthly active users of Qihoo 360's products were 378 mln, compared with 345 mln as of March 2011. Qihoo 360's product penetration rate among all Chinese internet users was 92%, compared with 88% as of March 2011. Monthly active users for 360 Safe Browser were 209 mln, compared with 192 mln as of March 2011. 360 Safe Browser's user penetration rate was 52%, compared with 48% as of March 2011.

Average daily unique visitors to the 360 Personal Start-up Page were 45 mln in June 2011, compared with 38 mln in March 2011 and 18 mln in the same period of 2010. Average daily clicks on the 360 Personal Start-up Page were 138 mln in June 2011, compared with 107 mln in March 2011 and 45 mln in the same period of 2010.

For the third quarter of 2011, Qihoo 360 expects revenues to be between USD 41 mln and USD 42 mln, representing a year-over-year increase of 165% - 172% and a sequential increase of 17% - 20%.

To view Qihoo 360's full earnings report, please click here.

Keywords: guidance Internet browser penetration profit security users online advertising active users Qihoo 360 QIHU Q2 2011 online gaming revenue fiscal report IVAS browser game online web directory


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