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On the back of strong mobile usage and web game sales, Qihoo 360 sees Q1 2013 revenue up 59% to $110 million

Building a strong distribution platform

On the back of strong mobile usage and web game sales, Qihoo 360 sees Q1 2013 revenue up 59% to $110 million
Chinese internet outfit Qihoo 360 (NYSE: QIHU) has announced its unaudited financials for its first quarter, the three months ending 31 March 2013.

Revenues were $109.9 million, up 59 percent year-on-year.

Net income was $5.6 million, down 60 percent.

Record user base

The company saw its monthly active user base rise to a record 457 million.

Of these, there were 275 million smartphone users of its main mobile security product, up from 74 million 12 months ago.

In addition, there were 281,000 paying users of its web games platform, up 102 percent year-on-year.

This is the main component of the company's internet value-added service revenues, which were up 119 percent to $45.8 million.

Building higher

"We are very pleased with our strong first quarter results as we continue to demonstrate top-line growth and further progress our strategic initiatives," commented CEO Hongyi Zhou.

"We have further strengthened our leadership position across our key product categories. Monthly active users of our PC browsers reached a record 332 million, covering almost 70 percent of the Chinese PC internet population.

"Our comprehensive mobile product portfolio provides us with a solid foundation to build a leading mobile Internet platform in China."

As of March 31, 2013, Qihoo had cash and cash equivalents worth $301 million.

[source: Qihoo 360 IR]
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A Pocket Gamer co-founder, Jon is Contributing Editor at PG.biz which means he acts like a slightly confused uncle who's forgotten where he's left his glasses. As well as letters and cameras, he likes imaginary numbers and legumes.