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Qihoo 360 Technology Q3 Profit Tops Estimate

Qihoo 360 Technology Co. Ltd. (QIHU) reported net income for the third quarter of $12.9 million or $0.11 per ADS, compared to $10.9 million or $0.09 per ADS for the year-ago quarter.

Net income excluding share-based compensation was $24.2 million or $0.20 per ADS for the third quarter, compared to $19.5 million or $0.16 per ADS in the prior year quarter.

Revenues for the third quarter jumped 77% to $84.0 million from $47.5 million a year ago, mainly due to continued robust growth in both online advertising and Internet value-added services..

Analsts polled by Thomson Reuters expected the company to earn $0.16 per ADS on revenue of $81.59 million for the third quarter. Analysts' estimates typically exclude special items.

Looking forward, the company forecast fourth quarter revenue to be between $93 million and $94 million, representing a year-over-year increase of 49% - 51%.

For the full year 2012, the company expects revenues to be between $319 million and $320 million.

Analysts currently expect the company to post revenue of $91.29 million for the fourth quarter and $315.51 million for the full year 2012.

by RTT Staff Writer

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