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Qihoo Q3 profit up 18% as ad revenue grows
By Ding Yining |
November 20, 2012, Tuesday
|
Online Edition
Online Edition
CHINESE software provider Qihoo 360 said its profit surged 18 percent in the third quarter thanks to rising income from online advertising.
Profit was US$12.93 million in the July-September period, compared with US$10.90 million a year ago, it said in a stock exchange filing today.
Qihoo, which provides Internet security tools and desktop browsers free of charge, boosted online advertising revenue after it launched an independent search engine earlier this year.
Its third-quarter revenue, including income from online advertising and Internet value-added service, jumped 77 percent to US$84.04 million from a year ago.
Qihoo began testing its key word-based advertising system and chairman and chief executive officer Zhou Hongyi said the company will continue to expand its business and play a bigger role in the Internet search market.
China's online search advertising sector is dominated by Baidu with a 78.6 percent market share. Market watchers said Qihoo has already grabbed a significant number of users but that has limited impact on the market structure.
The company expects revenue in the fourth quarter to grow 49 to 51 percent annually to be between US$93 million to US$94 million.
Profit was US$12.93 million in the July-September period, compared with US$10.90 million a year ago, it said in a stock exchange filing today.
Qihoo, which provides Internet security tools and desktop browsers free of charge, boosted online advertising revenue after it launched an independent search engine earlier this year.
Its third-quarter revenue, including income from online advertising and Internet value-added service, jumped 77 percent to US$84.04 million from a year ago.
Qihoo began testing its key word-based advertising system and chairman and chief executive officer Zhou Hongyi said the company will continue to expand its business and play a bigger role in the Internet search market.
China's online search advertising sector is dominated by Baidu with a 78.6 percent market share. Market watchers said Qihoo has already grabbed a significant number of users but that has limited impact on the market structure.
The company expects revenue in the fourth quarter to grow 49 to 51 percent annually to be between US$93 million to US$94 million.
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