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Chinese web and mobile outfit Qihoo 360 sees Q2 2013 sales up 108% to $152 million

Chinese web and mobile outfit Qihoo 360 sees Q2 2013 sales up 108% to $152 million
Chinese internet outfit Qihoo 360 (NYSE: QIHU) has announced its unaudited financials for Q2 2103, the three months ending 30 June 2013.

Revenues hit a record high - $151.7 million, up 108 percent year-on-year.

Internet value-added service revenues (mainly PC online and mobile games) generated $60.9 million, up 181 percent.

The company said strong momentum from mobile games contrasted with seasonal softness in web games.

Net income was also a record high - $33 million, up 372 percent.

Covering web and mobile

This performance was due to Qihoo's portfolio of products across PC and mobile devices, which range from browsers, search and home page services to anti-virus software and Android app distribution.

On PC, the company had a record 461 million users in June 2013. The company estimates this is 95 percent of Chinese internet users.

In terms of its 360 Mobile Safe Android product - which is the basis of Qihoo 360's app distribution power in China - user numbers were up to 338 million in June.

Growth everywhere

"We are extremely pleased to report another record breaking quarter of robust revenue growth and substantial margin improvement," said chairman and CEO Hongyi Zhou.

"We continue to strengthen our leadership position in key product categories, while establishing a foothold in new markets."

Company president Xiangdong Qi also highlighted mobile games.

"We saw strong momentum in mobile games," he said. "While search and mobile monetization are still in their nascent stages, they have ramped up faster than expected, and will become key drivers for our future growth."

The company ended the quarter with cash and cash equivalents of $378 million, compared to $301 million at the end of March.

[source: Qihoo 360 IR]
Contributing Editor

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.

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Shubham Baghamaer
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