Qihoo 360 sees FY13 sales up 104% to $671 million

Game operations up 145% to $253 million

Qihoo 360 sees FY13 sales up 104% to $671 million

Chinese internet and mobile outfit Qihoo 360 (NYSE: QIHU) has announced its unaudited financials for FY13, the 12 months ending 31 December 2013.

Revenues were $671 million, up 104 percent year-on-year.

Net income was $99.7 million, up 113 percent.

Across the divide

Qihoo 360's PC security products and services cover about 95 percent of the Chinese market, while its 360 Mobile Safe product has a reach of around 70 percent of Chinese smartphone users, that's 467 million users.

Importantly in terms of the Chinese Android game distribution market, Qihoo 360's 360 Mobile Assistant app store is continuing its growth.

More generally, the company also claims around 23 percent of the Chinese search market, second to Baidu.

Game on

Breaking out games operations, Qihoo 360 said that FY13 revenue from its internet value-added services (mainly games) was $253 million, up 145 percent.

This was driven in part by the strong ramp-up in mobile games, and healthy performance in PC games.

During Q4, VAS revenue was $78.9 million, up 113 percent year-on-year or 18 percent compared to FY13 Q3.

The company ended the period with cash and equivalents worth $1 billion.

[source: Qihoo 360]

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