UPDATE: Qihoo 360 (QIHU) Said to Plan Launch of Search-Engine Service in China (BIDU)
Tweet Send to a Friend
Get Alerts QIHU Hot Sheet
Down)
Trade QIHU Now!
(Updated - August 16, 2012 10:16 AM EDT)
Chinese Internet browser giant Qihoo 360 Technology (Nasdaq: QIHU) is looking to expand its services into unknown territory, taking on another Internet titan in the process.
According to reports out Thursday, Qihoo is aiming to launch its own search-engine service in China for PCs and mobile devices.
Public testing of the engine has started already, according to Qihoo co-CFO Alex Xu. The company is aiming to generate ad sales from the platform, but didn't give a time frame on when said revenues would commence.
The search service will try to retain more interest from Qihoo's web browser and anti-virus users. Sales at the growth company tripled last year and keeping the same pace amid slowing economic indicators can prove challenging.
But, the search market in China is currently dominated by venerable Baidu, Inc. (Nasdaq: BIDU). Recent data from Analysys shows Baidu holding a dominant 78.6 percent of the search market, with Google (Nasdaq: GOOG) retaining a 15.7 percent share.
Given Qihoo is a notable name in two key areas, the company may not have to look too hard to find its users clamoring for a unique alternative to the norm.
Shares of Qihoo are up about 2 percent on the session.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Chinese Internet browser giant Qihoo 360 Technology (Nasdaq: QIHU) is looking to expand its services into unknown territory, taking on another Internet titan in the process.
According to reports out Thursday, Qihoo is aiming to launch its own search-engine service in China for PCs and mobile devices.
Public testing of the engine has started already, according to Qihoo co-CFO Alex Xu. The company is aiming to generate ad sales from the platform, but didn't give a time frame on when said revenues would commence.
The search service will try to retain more interest from Qihoo's web browser and anti-virus users. Sales at the growth company tripled last year and keeping the same pace amid slowing economic indicators can prove challenging.
But, the search market in China is currently dominated by venerable Baidu, Inc. (Nasdaq: BIDU). Recent data from Analysys shows Baidu holding a dominant 78.6 percent of the search market, with Google (Nasdaq: GOOG) retaining a 15.7 percent share.
Given Qihoo is a notable name in two key areas, the company may not have to look too hard to find its users clamoring for a unique alternative to the norm.
Shares of Qihoo are up about 2 percent on the session.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- China Q1 Online Ad Revs Grow 28% Y/Y Led by Keyword Search (BIDU) (SOHU)
- UPDATE: Dish Network (DISH) CEO Offers $2 Billion for Lightsquared Spectrum - Bloomberg
- 50-Day SMA Crossers 05/20: (ELN) (ACI) (AAPL) Above; (MRK) (TLAB) (CLSN) Below
Create E-mail Alert Related Categories
Rumors, Trader Talk
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
