Northern, WI 08/27/2013 (usastockreport) – Qihoo 360 Technology Co Ltd (NYSE:QIHU) reported a net income of $0.40 per share on revenues at $151.67 million for the second quarter ended on June 30,2013. Results of Qihoo 360 Technology were higher than the consensus estimates of the analysts. Further, the company said that it expects a revenues for third quarter to be in the range of $181 million to $183 million which was higher than consensus estimate of $163 million.
The growth of 108% in total revenues for the quarter to $151.7 million from $72.8 million in previous year was attributed to the growth in the internet value-added and online advertising services. The mobile monetization and ramp in search growth exceeded the company’s expectations.
It is worth noting that many companies with operations based in China are gaining by positioning itself in U.S. mobile markets and Qihoo 360 Technology Co Ltd (NYSE:QIHU) proves to hold an effective edge in this area. The company already had reported to have made around 40% of its earnings from the services segment which also includes the online gaming division. The company made strong growth momentum in the mobile games as per the quarterly report.
Shares of Qihoo 360 Technology Co Ltd (NYSE:QIHU) had been presenting significant gain in prices in the recent days and the stock had made gains of around 200% in the past one year of trading compared to the gains of 46% made by Sina Corp and gains of 20% made by Baidu Inc. which are the major competitors in the sector. It is further expected that the stock of Qihoo 360 would prove to surge boosted by the growing demand for mobile related gaming and internet services in markets across the United States.