China’s Qihoo 360 Revenue Up 58.6% In Q1 2013

Chinese Internet company Qihoo 360 published its unaudited financial report for the first quarter of 2013, stating that by March 31, the company’s operating revenue was USD109.9 million, a year-on-year increase of 58.6%; however, its net profit was USD5.6 million, a year-on-year decrease of 60%.

The company said the decrease of net profit was mainly attributed to the cost growth of new businesses like search and mobile Internet.

According to the financial report, during the first three months of 2013, the number of Qihoo 360’s active users of PC-based products and services reached 457 million, the number was 411 million in the same period of last year; its market penetration reached 95.8%, the number was 93.4% in the same period of last year; and the number of monthly active users of 360’s browser product reached a record high 332 million, and the number was 273 million in the same period of last year.

In addition, the number of users using 360’s mobile security application reached about 275 million in March 2013; while the number of paid users using the company’s web game services reached about 281,000.

Qihoo 360 predicted that the company’s operating revenue for the second quarter of 2013 will be between USD142 million and USD144 million, representing a year-on-year increase of 95% to 98%, and a quarter-over-quarter increase of 29% to 31%.