Qihoo Results Top Estimates, Outlook Strong; Stock Up 5%

(RTTNews) - Qihoo 360 Technology Co Ltd (QIHU), the Chinese provider of Internet and mobile security products, on Monday reported fourth-quarter net income of $76.8 million or $0.58 per American depositary share compared with $16.6 million or $0.13 per ADS a year ago.

Excluding items, adjusted earnings for the quarter were $0.75 per ADS compared with $0.70 per ADS a year ago.

The company's revenues for the quarter were higher at $431.2 million compared with $221.6 million a year ago.

Analysts polled by Thomson Reuters estimated earnings of $0.71 per ADS on revenues of $417.4 million for the quarter. Analysts' estimates typically exclude one time items.

"As we continued to maintain our leadership position in key product categories, such as PC security, PC browser, mobile security and mobile app store, we made significant progress with new product initiatives, particularly those related to mobile Internet," the company said.

For the first quarter, the company expects revenues of $375 million to $380 million, while analysts expect $374 million.