(Shanghai Daily) Qihoo 360 Technology Co, China’s biggest Internet security firm, rode on booming online advertisement and mobile app store business to more than double its net profit in 2014.
The New York-listed firm said it will increase its investment in online search and mobile Internet sectors this year after announcing in December that it was investing US$409 million to establish a joint venture with handset maker Coolpad.
Its net profit in 2014 reached US$222.8 million for a 123.5 percent growth. The revenue touched US$1.39 billion for a 107 percent growth.
Qihoo 360’s online advertising income jumped 81 percent year on year in 2014. The company is seen as the closest challenger to China’s biggest online search player Baidu.com Inc. Qihoo 360’s mobile app business jumped 142 percent, led by mobile game business.
After establishing a joint venture with Coolpad in December, Qihoo 360 aims to focus on more on the mobile Internet sector and Internet of Things.
“We firmly believe that the combination of software and hardware ecosystems will play a crucial role in the development of the Chinese mobile Internet,” said Zhou Hongyi, chairman and chief executive of Qihoo 360.
Also, Coolpad will take on market leader Xiaomi while announcing plans to quadruple online smartphone sales in China this year. The JV with Qihoo 360 will boost online sales of Dazen-brand smartphones to 20 million units this year.