Market Overview

Qihoo 360 Issues Statement on Removal of Apps from iTunes Store

Last Saturday (Jan. 25) morning Apple (NASDAQ: AAPL) abruptly removed most of Qihoo's (NYSE: QIHU) iOS apps from its iTunes store without a clear reason. We note other leading Chinese Internet companies' (such as Tencent (OTC: TCEHY) and Baidu (NASDAQ: BIDU) key apps were also removed from iTunes for a short period of time in the past few months probably due to Apple revising some of the iTunes store policies. We are in close communications with Apple and we expect the situation to be temporary. Users who already installed our apps on their iOS devices should be able to continue using those apps normally.

As a leading mobile security solution provider and Android based mobile market place operator in China, a significant majority of our user base are on Android. With Chinese smartphone market further penetrating toward lower end, we intend to maintain and expand our leadership positions and our user base is likely further moving toward Android based open system. We do not expect the incident to have any meaningful financial or operational impact to our business.

Posted-In: News Events Global Pre-Market Outlook Tech

 

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