Earnings Research - Qihoo 360

LONDON, December 19, 2014 /PRNewswire/ --

Investor-Edge.com has issued free earnings research on Qihoo 360 Technology Co. Ltd (NYSE: QIHU). On November 24, 2014, the company reported its unaudited financial results for Q3 FY14 (period ended September 30, 2014). Click on http://www.investor-edge.com/FreeReports to read our free earnings review on Qihoo 360 Technology Co. Ltd (Qihoo 360). During Q3 FY14, the company's revenue surged 100.3% Y-o-Y, and GAAP and non-GAAP diluted earnings per ADS (American Depositary Share) attributable to Qihoo 360, increased $0.09 and $0.16, respectively from Q3 FY13. Chairman and CEO of Qihoo 360, Mr. Hongyi Zhou, stated that the company was pleased to deliver another quarter of strong growth and solid operational metrics.  He added that the company not only maintained its leadership position in key PC-related product categories during Q3 FY14, but also continued to make a significant transition to the important mobile Internet market. Our free coverage report can be accessed at:

http://www.investor-edge.com/register

Earnings Overview 

During Q3 FY14, Qihoo 360's revenue rose to $376.4 million from $187.9 million in Q3 FY13. The company's reported revenue outperformed Bloomberg analysts' forecasts of $366.7 million. The company informed that the robust Y-o-Y growth in revenue was attributable to strong performance in both online advertising and internet value-added services, driven by continued strong ramp in search and mobile monetization. Qihoo 360's Q3 FY14 online advertising revenues surged 67.2% Y-o-Y to $201.9 million. The Y-o-Y increase in advertising revenues was primarily driven by incremental contribution from search and mobile advertising and increased monetization of user activities on 360 Personalized Start-up Pages. Further, the company's internet value-added service revenues, which are mainly derived from game platform operations, rose 157.7% Y-o-Y to $172.8 million in Q3 FY14. The robust Y-o-Y growth in internet value-added service revenues was primarily driven by the strong ramp in mobile games, and solid growth in PC games and other internet value-added services. The free research on QIHU can be downloaded as in PDF format at:

http://get.Investor-Edge.com/pdf/?c=Qihoo%20360%20Technology&d=19-Dec-2014&s=QIHU

For Q3 FY14, the company's GAAP operating expenses increased to $225.5 million from $111.2 million in Q3 FY13. Qihoo 360's Q3 FY14 non-GAAP operating expenses stood at $200.1 million compared to $95.3 million in Q3 FY13. The company's Q3 FY14 GAAP operating income grew to $68.0 million from $50.8 million in Q3 FY13. Qihoo 360's non-GAAP operating income for Q3 FY14 increased to $93.3 million from $66.7 million in Q3 FY13. Meanwhile, the company's GAAP and non-GAAP operating margins for Q3 FY14 decreased to 18.1% and 24.8%, respectively, from 27.0% and 35.5%, respectively, in Q3 FY13. The Y-o-Y decline in non-GAAP operating margin was mainly attributable to increased marketing and promotional expenses, personnel-related costs, and bandwidth and equipment depreciation expenses. In Q3 FY14, GAAP net income attributable to Qihoo 360 increased to $57.7 million, or $0.44 per diluted ADS, from $44.5 million, or $0.35 per diluted ADS, in Q3 FY13. Analysts from Bloomberg had expected the company to report GAAP net income of $55.8 million, or $0.41 per diluted share. Further, Q3 FY14 non-GAAP net income attributable to Qihoo 360 stood at $89.5 million, or $0.63 per diluted ADS, compared to $61.5 million, or $0.47 per diluted ADS, in Q3 FY13.

For Q4 FY14, Qihoo 360 expects revenues in the range of $410 million to $415 million, representing a Y-o-Y and increase of 85% to 87% and Q-o-Q increase of 9% to 10%. The company's outlook reflects its current and preliminary view, which is subject to possible material changes. Sign up and read the free analyst's notes on QIHU at:

http://get.Investor-Edge.com/pdf/?c=Qihoo%20360%20Technology&d=19-Dec-2014&s=QIHU

Stock Performance  

On the day following the earnings release, November 25, 2014, Qihoo 360's stock rallied 7.60%, to end the session at $74.74. Since then, the company's stock has mostly witnessed a negative trend. However, on the last close, Thursday, December 18, 2014, Qihoo 360's shares finished 3.20% higher at $58.69. The company's shares vacillated between $57.91 and $59.80 during the session. A total of 3.66 million shares were traded, which was above its three months average volume of 3.00 million shares. Over the previous three trading sessions and over the last one month, the company's shares have declined 1.61% and 17.54%, respectively. Further, the stock has plummeted 28.47% since the beginning of 2014. Shares in Qihoo 360 closed below their 50-day and 200-day moving averages of $67.17 and $84.56, respectively. Furthermore, the stock traded at a PE ratio of 74.76 and has a Relative Strength Index (RSI) of 33.41. Visit Investor-Edge and access the latest research on QIHU at:

http://get.Investor-Edge.com/pdf/?c=Qihoo%20360%20Technology&d=19-Dec-2014&s=QIHU

Sneak Peek to Corporate Insider Trading 

In the last one month Qihoo 360 Technology Co. Ltd has not reported any share transactions by insiders to the U.S. Securities and Exchange Commission (SEC). Complimentary in-depth research on QIHU is available at:

http://get.Investor-Edge.com/pdf/?c=Qihoo%20360%20Technology&d=19-Dec-2014&s=QIHU

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