Bloomberg News

Qihoo CFO Sees 2012 Sales Jump 85% as New Tools Generate Ads

May 16, 2012

Qihoo 360 Technology Co. (QIHU:US), a Chinese developer of anti-virus software, will boost this year’s sales by as much as 85 percent as user-friendly tools attract advertisers, Chief Financial Officer Alex Xu said.

“Our new products in the second half will help create more opportunities,” Xu said yesterday in a phone interview from the company’s Beijing headquarters. “I don’t think it will be a problem for us to increase revenue by 80 percent to 85 percent this year,” he said, citing analysts’ estimates.

Qihoo, which also provides computer desktop software, can weather a slowdown in the world’s second-largest economy as it benefits from rising online advertising revenue after 2011 sales jumped 191 percent to $167.9 million, Xu said.

American depositary receipts of the Beijing-based company have gained (QIHU:US) 43 percent since its initial public offering in March 2011, the most among 13 Chinese companies that went public in the U.S. last year.

Qihoo’s ADRs rose 4.7 percent to $20.72 in New York yesterday, boosting this year (QIHU:US)’s gain to 32 percent.

To contact the reporter on this story: Belinda Cao in New York at lcao4@bloomberg.net

To contact the editor responsible for this story: Tal Barak Harif at tbarak@bloomberg.net


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Companies Mentioned

  • QIHU
    (Qihoo 360 Technology Co Ltd)
    • $88.43 USD
    • -3.72
    • -4.21%
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