Qihoo 360 Technology Q2 Profit Soars

(RTTNews) - Qihoo 360 Technology Co. Ltd. (QIHU) Sunday reported a surge in profit for the second quarter, driven mainly by strong growth at online advertising and internet value-added services businesses.

Qihoo 360's attributable profit for the quarter surged to $33.0 million or $0.26 per ADS from $7.0 million or $0.06 per ADS last year.

Adjusted net income rose to $51.0 million or $0.40 per ADS from $20.6 million or $0.17 ADS last year. On average, eight analysts polled by Thomson Reuters expected earnings of $0.26 per ADS for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter rose 108 percent to $151.7 million from $72.8 million last year. Analysts estimated revenues of $144.19 million for the quarter.

The company attributed the growth to better performance at online advertising and internet value-added services. Better than expected ramp in search and mobile monetization also contributed to the growth.

Online advertising revenues climbed 78 percent, while internet value-added service revenues surged 181 percent from last year.

Looking forward to the third quarter, the company expects revenues of $181 million to $183 million. Analysts currently estimate revenues of $162.88 million for the quarter.