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Qihoo 360 swings to profit in Q1

May. 23, 2012 (China Knowledge) - Qihoo 360 Technology Co<QIHU>, a leading security software company in China, reaped US$14.1 million in net profit attributable to shareholders in the first quarter of this year, whereas it suffered a net loss of US$21.4 million from a year earlier.

The firm's net profit for the fourth quarter of 2011 was US$15 million.

On a non-GAAP basis, the U.S.-listed company's net profit attributable to shareholders for the three months ended Mar. 31, 2012 reached a record US$25.7 million, compared with US$6.6 million in the first quarter of 2011.

Revenue fort the first quarter of 2012 amounted to US$69.3 million, representing an increase of 202.1% YoY from US$22.9 million.

Qihoo 360 Technology had US$363.3 million in cash as of Mar. 31, 2012.

For the second quarter of 2012, the company expects revenues to be between US$72 million and US$73 million, reflecting a YoY jump of 105% to 108%.

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