Qihoo 360 Technology Co. Ltd., through its subsidiaries, provides Internet services in the People's Republic of China. The company operates through Internet Services and Others segments. It offers various Internet security products, including 360 Safe Guard, a one-stop solution for PC Internet security and system optimization; 360 Anti-Virus, an anti-virus application that uses multiple scan engines to protect users’ computers against various kinds of malware; and 360 Mobile Safe, a security program for the Google Android, Apple iOS, and Windows Phone smartphone operating systems. The company also offers 360 Safe Browser and 360 Speed Browser, which are based on dual-core technologies and pr...
Building No. 2
6 Jiuxianqiao Road
Founded in 2005
86 10 5878 1000
86 10 5682 2000
Qihoo 360 Technology Signs on Agreement with Coolpad Group to Increase Stake in Coolpad E-Commerce, Joint Venture
Sep 18 15
Qihoo 360 Technology sealed an agreement with Coolpad Group to increase its stake in Coolpad E-Commerce, a joint venture formed by the two companies in December, to focus on mobile terminal products. Under the terms of the agreement, the joint venture will redeem a portion of shares held by Coolpad as the joint venture transfers back to Coolpad several Internet operating assets tied to Coolpad branded smart phones which Coolpad previously contributed to the joint venture. As a result, Qihoo's stake in the joint venture will rise to 75% from 49.5% while Coolpad's stake will be reduced to 25% from 50.5%. In connection with the new agreement, Qihoo agreed not to pursue a put option exercised on Sept. 2 that would require Coolpad to acquire Qihoo's 49.5% stake in the joint venture.
Qihoo 360 Technology Co. Ltd. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Announces Impairment Charges for the Second Quarter of 2015
Sep 1 15
Qihoo 360 Technology Co. Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company's revenues were $438,328,000 compared to $317,914,000 a year ago. The strong year-over-year growth was due to continued solid performance in online advertising. Income from operations was $81,143,000 compared to $43,859,000 a year ago. Income before income tax expense and loss from equity method investments was $112,313,000 compared to $51,696,000 a year ago. Net income was $71,583,000 compared to $36,975,000 a year ago. Net income attributable to the company was $81,351,000 compared to $39,124,000 a year ago. Net income per ordinary share-diluted was $0.42 compared to $0.20 a year ago. Non GAAP income from operations was $108,884,000 compared to $20,625,000 a year ago. Non GAAP net income attributable to the company was $116,885,000 compared to $69,247,000 a year ago. Non GAAP diluted earnings per ADS was $0.82 compared to $0.5 a year ago. Diluted EPADS for the second quarter of 2015 was $0.62 compared to $0.3 a year ago. Net cash generated from operations in the second quarter of 2015 was $128.8 million, compared to $57.7 million in the same period last year and $72.9 million in the prior quarter. Cash capital expenditures in the second quarter of 2015 were $31.6 million.
For the six months, the company's revenues were $822,687,000 compared to $583,056,000 a year ago. Income from operations was $157,003,000 compared to $83,469,000 a year ago. Income before income tax expense and loss from equity method investments was $182,246,000 compared to $107,525,000 a year ago. Net income was $117,745,000 compared to $84,897,000 a year ago. Net income attributable to the company was $134,381,000 compared to $88,245,000 a year ago. Net income per ordinary share-diluted was $0.69 compared to $0.45 a year ago. Net cash provided by operating activities was $128,813,000 compared to $57,655,000 a year ago. Purchase of property and equipment and intangible assets was $31,569,000 compared to $41,443,000 a year ago. Non GAAP income from operations was $205,369,000 compared to $129,199,000 a year ago. Non GAAP net income attributable to the company was $198,762,000 compared to $142,579,000 a year ago. Non GAAP diluted earnings per ADS was $1.38 compared to $1.04 a year ago. Diluted EPADS for the second quarter of 2015 was $1.03 compared to $0.67 a year ago.
The company also announced loss from impairment of intangible assets of $1,165,000 and loss from impairment of goodwill of $7,751,000 for the second quarter of 2015.