Feb. 7 (Bloomberg) -- Qihoo 360 Technology Co., a Chinese developer of computer security software, said it’s seeking information from Apple Inc. after its products were removed from the U.S. company’s online store for wireless applications.
People who have previously downloaded Qihoo’s applications on Apple’s devices should continue using them as normal, according to an e-mailed statement by the Chinese company yesterday. Qihoo didn’t provide a reason for the removal of its applications from Apple’s App Store.
Users with Apple devices including the iPhone and iPad make up about 5 percent of those who access Qihoo 360’s services on smartphones, according to an estimate by Mirae Asset Securities Ltd. analyst Nancy Yang. A greater proportion of Qihoo 360’s subscribers use phones running Google Inc.’s Android and Nokia Oyj’s Symbian systems, she said.
“The impact is not as big as some people may think,” said Yang, who recommends buying Qihoo 360’s shares. The company derives no revenue from offering mobile-phone applications at present, she said.
Carolyn Wu, a spokeswoman at Apple in Beijing, said she was trying to obtain more information about the removals.
Qihoo 360 fell as much as 12 percent to $16.78 in New York trading, its biggest intraday decline since Nov. 1.
--Editors: Subramaniam Sharma, Joshua Fellman
To contact the reporter on this story: Mark Lee in Hong Kong at firstname.lastname@example.org
To contact the editor responsible for this story: Michael Tighe at email@example.com