Qihoo 360 Technology (QIHU) Tops Q1 EPS by 8c; Issues Solid Q2 Revs Outlook

Qihoo 360 Technology (NYSE: QIHU) reported Q1 EPS of $0.57, $0.08 better than the analyst estimate of $0.49. Revenue for the quarter came in at $384.4 million versus the consensus estimate of $378.12 million.

Qihoo 360 Technology sees Q2 2015 revenue of $435-445 million, versus the consensus of $437.23 million.

"We are pleased to report another quarter of solid growth and operating metrics," said Mr. Hongyi Zhou, Chairman and Chief Executive Officer of Qihoo 360. "While we maintained our leadership position in key PC-related product categories, we continued to make progress in mobile Internet. The number of Chinese smartphone users of our key mobile security product, 360 Mobile Safe, reached 778 million in the first quarter, making Qihoo 360 the indisputable leader in mobile Internet security in China. In addition, our Android-based app store, 360 Mobile Assistant, continued to maintain its leadership position in Android app distribution in China."

"During the first quarter, we launched our independent search brand, 'HaoSou,' and we have since observed encouraging user recognition and interaction with the new brand and our search services. Through continued product improvement and innovation, we aim to further grow our share of China's PC and mobile search market in terms of both traffic and revenue. We recently closed our joint venture transaction with Coolpad, and we expect the joint venture to launch a series of new smartphone models under the 'QiKoo' brand in the coming months. We view smartphones and smart hardware as critical components of our long-term mobile strategy," concluded Mr. Zhou.

Mr. Xiangdong Qi, President of Qihoo 360, added, "We are glad to see continued solid growth in our business. Online advertising grew 75.1% year-over-year, supported by strong contributions from both search and mobile monetization. We are particularly encouraged by the progress in search monetization and expect the upward momentum to continue in the coming quarters. We have made significant investments over the last few quarters to strengthen our brand and market position, and to improve our product and technology, particularly in mobile Internet-related areas. We believe such investments will build a solid foundation for our future growth and we have already seen exciting progress in areas such as enterprise security, smart hardware, and international expansions."

For earnings history and earnings-related data on Qihoo 360 Technology (QIHU) click here.

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