Chinese software company Qihoo 360 that is known for its app store, web browser and antivirus software, has declared its first quarter results for 2013 on Sunday, May 19th. The company reported that its net profit has declined, as Qihoo 360 has made a heavy investment in new technology in order to boost its mobile internet services and search business. As a result of that Qihoo was able to post a net profit of $5.6 million in the first three months of the year, according to the financial statement released by the company on Sunday. However, Qihoo revenue saw an increase of 58.6 percent in the first quarter, as it bagged $109.9 million in contrast to $69.3 million proceeds it earned in the same period back in 2012.
Qihoo 360’s Chairman and Chief Executive Officer, Hongyi Zhou said in statement that, “We are very pleased with our strong first quarter results as we continue to demonstrate top-line growth and further progress our strategic initiatives. 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% of the Chinese PC Internet population. Additionally, we expanded our market share in mobile security and the number of Chinese smartphone users of 360 Mobile Safe, our key mobile security product, reached 275 million at the end of March. Our comprehensive mobile product portfolio provides us with a solid foundation to build a leading mobile Internet platform in China.”
He also said that, “During the first quarter, we invested in product development and technology innovation in order to deliver best-in-class user experience, and expanded our sales and marketing efforts to strengthen our brand in mobile Internet and support search monetization. During the quarter, we gained notable search traffic share and began to monetize our search engine through both an internal system and external partnership. We believe we are in an excellent position to capture a significant portion of the search market and help reshape the competitive landscape of this vast industry. As we execute on our search strategy, we believe this will drive substantial long-term growth for our business.”
President of Qihoo 360, Xiangdong Qi added that, “Revenue from our online advertising business grew 40% year-over-year, supported by further deepening of our monetization process. Although still in its infancy, our search business already contributed meaningfully to overall revenue. Internet value-added services once again outpaced the market with revenue growth of 119% year-over-year, largely driven by strong momentum in the number of paying web game users. As we make ongoing efforts to leverage the strength of our platform, we expect to achieve accelerated overall growth for the rest of the year, with margin recovery.
We will continue to make proactive investments in 2013 in product and technology development to strengthen our leadership position and expand our footprint, particularly in mobile Internet and search technology where we see tremendous opportunity for future expansion. Meanwhile, we are gradually building up our sales and marketing infrastructure to support our deepening monetization efforts. We believe these investments will fortify our foundation, support sustainable growth and drive long-term shareholder value.”
Source: TNW, PRNewsWire
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