Qihoo 360 Technology Co. (QIHU) finished the week on a high note after releasing fourth-quarter sales and earnings that beat expectations. The company broke records on number of monthly active users of its PC-based products as well as total smartphone users of its mobile security products. Notably, the company is now the indisputable leader of China’s smartphone security market, commanding a 70% share of the market.
The leading internet company in China reported adjusted net income of $96.3 million, or $0.70 per share, on $221.6 million in sales. Compared with the year ago quarter this translates to 260% earnings growth and 115% sales growth. Analysts had forecast $0.37 EPS on $210 million in sales, which Qihoo 360 beat by 89% and 5.7% respectively.
Better yet, the momentum is expected to continue. Looking ahead to the first quarter, management expects revenues in a range of $226 million to $228 million, reflecting 106% to 107% annual sales growth.