Qihoo 360 Technology Earnings: Here’s Why the Stock is Rising Now
Qihoo 360 Technology Co Ltd (NYSE:QIHU) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 10.35%.
Qihoo 360 Technology Co Ltd Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 135.29% to $0.40 in the quarter versus EPS of $0.17 in the year-earlier quarter.
Revenue: Rose 108.47% to $151.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Qihoo 360 Technology Co Ltd reported adjusted EPS income of $0.40 per share. By that measure, the company beat the mean analyst estimate of $0.26. It beat the average revenue estimate of $144.19 million.
Quoting Management: “We are extremely pleased to report another record breaking quarter of robust revenue growth and substantial margin improvement,” said Mr. Hongyi Zhou, Chairman and Chief Executive Officer of Qihoo 360. “We continue to strengthen our leadership position in key product categories, while establishing a foothold in new markets. Our PC security products already cover nearly 95% of Chinese PC Internet users, and our mobile security solutions cover approximately 70% of Chinese smartphone users, making Qihoo the indisputable leader in Internet security in China. In addition, monthly active users of our PC browsers reached 330 million, or almost 70% of the Chinese PC Internet population, while our Android based app store – 360 Mobile Assistant – further extended its industry-leading market share during the quarter. We are building upon our leadership position in the PC Internet market, while making significant progress in the fast growing mobile Internet market, an area that is particularly promising.”
Key Stats (on next page)…