Qihoo 360 Technology Co. Ltd. Beats Q3 Estimates

Qihoo 360 Technology Co. Ltd. QIHU reported its unaudited financial results Monday for the third quarter ended September 30, 2014.

Revenues were $376.4 million, above estimates of $365.35 million and a 100.3 percent increase from $187.9 million in the third quarter of 2013.

Diluted earnings per ADS[2] ("EPADS") was $0.44, compared to $0.35 in the same period last year.

Non-GAAP diluted EPADS was $0.63, above estimates of $0.61 and the $0.47 reported in the same period last year.

Net income attributable to Qihoo 360 was $57.7 million, compared to $44.5 million in the third quarter of 2013.

Non-GAAP net income attributable to Qihoo 360 was $89.5 million, compared to $61.5 million in the third quarter of 2013.

"We are pleased to deliver another quarter of strong growth and solid operational metrics," said Mr. Hongyi Zhou, Chairman and Chief Executive Officer of Qihoo 360.  "Not only did we maintain our leadership position in key PC-related product categories during the quarter, but we continued to make a significant transition to the important mobile Internet market.

Qihoo 360 Technology Co. Ltd. traded at $69.23 in the aftermarket, down 0.33 percent.