Qihoo 360 Technology Co. Ltd. (QIHU) reported net income for the first quarter attributable to company of $5.6 million or $0.04 per ADS, compared to $14.1 million or $0.12 per ADS for the year-ago quarter.
Net income excluding share-based compensation was $17.5 million or $0.14 per ADS for the latest first quarter, compared to $25.7 million or $0.21 per ADS in the prior year quarter.
Revenues for the latest first quarter rose 58.6% to $109.9 million from $69.3 million a year ago, mainly due to continued momentum in both online advertising and Internet value-added services.
Analsts polled by Thomson Reuters expected the company to earn $0.14 per ADS on revenue of $106.30 million for the first quarter. Analysts' estimates typically exclude special items.
Looking forward, the company forecast second quarter revenue to be between $142 million and $144 million, representing a year-over-year increase of 95% to 98%.
Analysts currently expect the company to post revenue of $121.47 million for the second quarter.
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