Qihoo 360 (QIHU), provider of online services and consisting of advertising services, announced its Q2 2013 results yesterday morning. The company reported a record quarter and its search service so.com seems to be giving Baidu (BIDU) a run for its money as the Chinese internet search industry becomes more competitive.
Qihoo 360 reported a 108% revenue increase accompanied by an earnings jump of 135% on a YoY basis. While the company is slowly but steadily pushing its cause in the search market, the company holds a competitive edge over rivals Baidu and Sina Corp (SINA) due to its presence in the online gaming space. The company reported close to 40% of its revenues from mobile services, a segment which is experiencing a huge growth in China. As per the company statement, this segment will see increased focus in order to drive future growth at the company. The Qihoo stock price closed 7.75% higher in the regular trading session yesterday following the earnings announcement.
Qihoo stock price Vs Baidu stock price
Source: Qihoo stock price Vs Baidu stock price by Amigobulls
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