QIHOO 360 Technology Earnings: Beats Wall Street Expectations

QIHOO 360 Technology Co. Ltd. (NYSE:QIHU) reported net income above Wall Street’s expectations for the third quarter.

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QIHOO 360 Technology Co. Ltd. Earnings Cheat Sheet

Results: Net income for QIHOO 360 Technology Co. Ltd. rose to $12.9 million (11 cents per share) vs. $10.9 million (9 cents per share) in the same quarter a year earlier. This marks a rise of 18.6% from the year-earlier quarter.

Revenue: Rose 77.7% to $84 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: QIHOO 360 Technology Co. Ltd. reported adjusted net income of 20 cents per share. By that measure, the company beat the mean estimate of 6 cents per share. It beat the average revenue estimate of $60.5 million.

Quoting Management: “The third quarter of 2012 marks our seventh straight quarter of robust revenue growth since the Company’s IPO last year. We continue to outperform the growth rate of the industry, despite the macro economic challenges that persist in the market,” said Mr. Hongyi Zhou, Chairman and Chief Executive Officer of Qihoo 360. “Monthly active users of our PC-based products and services, which cover approximately 95% of the Chinese PC Internet population, increased to 442 million as of September 2012. Additionally, the number of smartphone users of our key mobile security product – 360 Mobile Safe reached 149 million and we further strengthened our established leadership in this field”…