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Qihoo CFO Sees 2012 Sales Jump 85% as New Tools Generate Ads

May 17 (Bloomberg) -- Qihoo 360 Technology Co., a Chinese developer of anti-virus software, will boost this year’s sales by as much as 85 percent as user-friendly tools attract advertisers, Chief Financial Officer Alex Xu said.

“Our new products in the second half will help create more opportunities,” Xu said yesterday in a phone interview from the company’s Beijing headquarters. “I don’t think it will be a problem for us to increase revenue by 80 percent to 85 percent this year,” he said, citing analysts’ estimates.

Qihoo, which also provides computer desktop software, can weather a slowdown in the world’s second-largest economy as it benefits from rising online advertising revenue after 2011 sales jumped 191 percent to $167.9 million, Xu said.

American depositary receipts of the Beijing-based company have gained 43 percent since its initial public offering in March 2011, the most among 13 Chinese companies that went public in the U.S. last year.

Qihoo’s ADRs rose 4.7 percent to $20.72 in New York yesterday, boosting this year’s gain to 32 percent.

To contact the reporter on this story: Belinda Cao in New York at lcao4@bloomberg.net

To contact the editor responsible for this story: Tal Barak Harif at tbarak@bloomberg.net

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