Qihoo 360 Q3 Conference Call Summary; Thrilled About Revenue Growth

Benzinga

Shares of Qihoo (NYSE: QIHU) closed up more than five percent Wednesday afternoon following third-quarter results and guidance.

The company held its earnings conference call at 5:00 p.m. on Tuesday; below are some of the highlights.

Growth:

• We are particularly pleased with better-than-expected ramp in mobile monetization.

• Total smartphone user that use 360 Mobile Safe, our main mobile security product, reached 538 million, up from 467 million just a few months ago and nearly doubled over the last 12 months.

• In the first quarter, we once again exceeded our internal targets and the market expectations, and delivered strong financial and operational results.

• Total monthly active users of Qihoo 360's PC-based products and services reached a record 479 million compared to 475 million a year ago.

• As of the end of March, we had approximately 1,000 games commercially running on our game platform.

• The total number of paying game accounts grow to approximately one million compared to 700,000 in the prior quarter.

China:

• We made significant progress in achieving our goal of becoming a major player in China's key search market.

• Since its launch in 2012, our search engine has gradually gained notable traffic share that at the end of March; we already took 25 percent search traffic in China.

• We are confident that we can achieve the 30 percent search traffic share goal at the end of 2014.

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