UPDATE: Qihoo 360 Posts 18% Surge In Q3 Profit, Issues Upbeat Revenue Forecast

Qihoo 360 Technology Co (NYSE: QIHU) reported an 18% rise in its third-quarter profit.

For the current quarter, Qihoo 360 projects revenue of $93 million to $94 million, versus analysts' estimates of $90 million. For the full year, it projects revenue of $319 million to $320 million, versus analysts' estimates of $315 million.

Qihoo 360's quarterly profit climbed to $12.9 million, or $0.11 per American depositary share (ADS), versus $10.9 million, or $0.09 per ADS, in the year-earlier period. Excluding share-based compensation, Qihoo 360 earned $0.20 per ADS. However, analysts were expecting earnings of $0.16 per ADS.

Its revenue surged 77% to $84 million. The company in August expected revenue of $81 million to $82 million.

Qihoo 360 shares gained 4.98% to $24.88 in after-hours trading.

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